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The Monetary Authority of Singapore’s has warned this month, of the risks emerging from managing a remote workforce. And the ‘new norm’ of remote working is not likely to disappear. Financial institutions need to formally assess their operational models and control frameworks and develop clear processes and procedures to ensure operational resilience, both inside and outside of the traditional office environment.
MAS issued the paper: Risk Management and Operational resilience in a Remote Working Environment alongside the Association of Banks in Singapore. In it, the regulator outlines a range of risks arising from remote working, from daily operations and information security to fraud and staff misconduct. The paper draws from the experiences of ABS member banks but is applicable to all financial institutions.
MAS has made it clear that it expects institutions to benchmark their remote working controls against the examples in the paper. The publications states that “For the financial sector to remain operationally resilient, and continue to provide a high level of service, FIs need to be alert to the evolving situation and take timely action to address emerging risks.”
At Bovill, we have outlined a framework for operational resilience in a remote working environment. In our paper,Operational resilience in the new normal, we look at governance, culture, control, outsourcing, business continuity, IT resilience and data and cyber security, and people risk.
Download our paper: Operational resilience in the new normal