MAS – Guidelines on Business Continuity Management (issued 2022)

The guidelines emphasize the need for financial institutions to conduct thorough risk assessments of their third-party service providers, ensure these providers have robust business continuity plans in place, and regularly test and review these plans. They also recommend including specific business continuity-related provisions in contracts with third-party service providers. These measures aim to mitigate the risk of service disruptions from third-party providers and ensure a coordinated response to any potential crises.

“The FI should also put in place plans and procedures to address any unforeseen disruption, failure or termination of third-party arrangements to minimize the impact of such adverse events on the continuity of its critical business services.”