Leadership Accountable for Managing Outsourcing Risks
The Monetary Authority of Singapore (MAS) outsourcing guidelines specify the outsourcing risk management practices expected of institutions under their supervision. The Board of Directors and senior management are ultimately responsible for managing activities conducted through third-party relationships. They should not engage in any relationship where the financial institution’s internal control, business conduct or reputation can be compromised. Institutions should have a framework for systematic risk evaluation of the work to be outsourced, the service provider and the relationship. The MAS guidelines specify the types of information to include in due diligence as well as the structure for effective monitoring and control of outsourcing risks.
Compliance Made Easy
Hiperos 3PM helps financial institutions simplify and streamline third party risk management by automating the identification, investigation, reporting and monitoring of third party risks so they are managed in accordance with MAS outsourcing guidelines. Learn more