Reference: Monetary Authority of Singapore
Note: FIs need to conduct gap analysis to determine any non-compliance to the MAS TRM requirements. Any non-compliance as a result of implementation difficulties needs to be documented and explained with mitigating controls placed.
On third-party risks, there are also expectations for service providers of FIs to have secure and resilient systems. We will explain more about that in Expectations for Service Providers.
Increased Role of Board and Senior Management