Transcription of GUIDELINES ON OUTSOURCING
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GUIDELINES ON OUTSOURCING
Monetary Authority of Singapore GUIDELINES ON OUTSOURCING 27 July 2016 [Last revised on 5 October 2018 (with effect from 8 October 2018)] Table of Contents 1 INTRODUCTION .. 1 2 APPLICATION OF GUIDELINES .. 1 3 DEFINITIONS .. 3 4 ENGAGEMENT WITH MAS ON OUTSOURCING .. 8 Observance of the GUIDELINES .. 8 Notification of Adverse Developments .. 9 5 RISK MANAGEMENT PRACTICES .. 9 Overview .. 9 Responsibility of the Board and Senior Management .. 9 Evaluation of Risks .. 11 Assessment of Service Providers .. 12 OUTSOURCING Agreement .. 14 Confidentiality and Security .. 17 business Continuity Management .. 18 Monitoring and Control of OUTSOURCING 19 Audit and Inspection .. 21 OUTSOURCING Outside Singapore .. 23 OUTSOURCING Within a Group .. 24 OUTSOURCING of Internal Audit to External Auditors .. 24 6 CLOUD COMPUTING.
2 Any reference in these 'uidelines to “business activities” of an institution is to be construed as a reference to the business and operational functions and processes of the institution. 3 This includes institutions which are bound by outsourcing arrangements as a result of an acquisition of the business of another institution.
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