MAS TRM 2021 Framework

We're excited to announce the addition of the Monetary Authority of Singapore's Technology Risk Management (MAS TRM) framework to our ever-growing library of pre-built frameworks! This update strengthens our commitment to providing comprehensive compliance automation solutions for financial institutions.

What is MAS TRM?

The MAS TRM framework is a set of guidelines established by the Monetary Authority of Singapore (MAS), Singapore's central bank and financial regulator. These guidelines outline best practices for financial institutions (FIs) to manage technology risks and maintain robust cyber resilience effectively.

Why is MAS TRM Important?

The financial sector increasingly relies on technology, which introduces a range of technology risks, including cyber threats. MAS TRM helps FIs proactively address these risks by:

• Promoting strong technology risk governance: The framework emphasizes the importance of board and senior management oversight in establishing a sound risk management culture and framework.

• Enhancing cyber resilience: MAS TRM advocates for a "defense-in-depth" approach to cybersecurity, requiring FIs to implement robust controls to protect the confidentiality, integrity, and availability of data and IT systems.

Who needs to comply with MAS TRM?

MAS TRM applies to all financial institutions operating in Singapore, including:

• Banks

• Insurance companies

• Capital markets institutions

• Payment service providers

If you have any questions or issues, please reach out to your assigned Customer Success Manager. They'll be happy to assist you!

To view all the product updates, please click here.