Transcription of GUIDELINES ON OUTSOURCING - Monetary …
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GUIDELINES ON OUTSOURCING - Monetary …
Monetary Authority of Singapore GUIDELINES ON. OUTSOURCING . 27 JUL 2016. 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 9. Overview .. 9. Responsibility of the Board and Senior Management .. 9. Evaluation of Risks .. 11. Assessment of Service 12. OUTSOURCING Agreement .. 14. Confidentiality and Security .. 16. Business Continuity Management .. 17. Monitoring and Control of OUTSOURCING 19. Audit and Inspection .. 21. OUTSOURCING Outside Singapore .. 23. OUTSOURCING Within a Group .. 25. OUTSOURCING of Internal Audit to External Auditors .. 25. 6 CLOUD COMPUTING ..26. Annex 1 ..28. Annex 2 ..30. Annex 3 ..32. GUIDELINES ON OUTSOURCING . 1 INTRODUCTION. While OUTSOURCING arrangements can bring cost and other benefits, it may increase the risk profile of an institution due to, for example, reputation, compliance and operational risks arising from failure of a service provider in providing the service, breaches in security, or the institution's inability to comply with legal and regulatory requirements.
GUIDELINES ON OUTSOURCING 1 1 INTRODUCTION 1.1 While outsourcing arrangements can bring cost and other benefits, it may increase the risk profile of an institution due to, for example, reputation, compliance and operational
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