New expectations for financial institution outsourcing and cloud arrangements in Singapore

On 27 July 2016, the Monetary Authority of Singapore (“MAS”) issued new Guidelines on Outsourcing (the “Guidelines”), together with a response to industry feedback and an FAQ document.

The Guidelines replace the previous MAS Outsourcing Guidelines and Circular on Information Technology Outsourcing. The Guidelines revise and update the expectations, particularly in relation to the management of risk, imposed by the MAS on financial institutions when they enter into any kind of outsourcing arrangement. 

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