---
title: [MAS] BCM Guidelines Issued by Monetary Authority of Singapore
description: "[Audit] eBook Chapter 9: Industry-Specific Considerations for BCM Auditing based on [Industry Regulator/Standard]"
image: https://blog.bcm-institute.org/hubfs/eBook%20Audit%20MorePost/Audit%20eBook%20%20Understanding%20ISO%2022301%20and%20Regulatory%20BCM%20Standards.jpg
---
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##### Ebook Series
# \[MAS\] BCM Guidelines Issued by Monetary Authority of Singapore
Chapter 11 focuses on auditing Business Continuity Management Systems (BCMS) within Singapore's financial sector, guided by the Monetary Authority of Singapore's (MAS) comprehensive BCM Guidelines.
MAS emphasizes the crucial role of robust BCM frameworks for financial institutions (FIs) in maintaining operational resilience and minimizing disruptions.
The chapter outlines specific considerations for auditors, including alignment with MAS Guidelines, adopting a risk-based approach tailored to Singaporean financial sector risks such as cyberattacks and cross-border transaction disruptions, and adherence to MAS's supervisory priorities.
Key audit areas include evaluating Critical Business Services (CBSs), conducting scenario-based testing relevant to local financial infrastructure, and assessing Recovery Time Objectives (RTOs) and Recovery Point Objectives (RPOs) for timely service resumption.
Additionally, the audit addresses incident response procedures, third-party dependencies, technology resilience, and cross-border operations to ensure comprehensive BCM readiness across Singapore's FI landscape.
By integrating these MAS-specific considerations, auditors enhance the resilience and competitiveness of Singapore's financial sector.
[Moh Heng Goh](https://blog.bcm-institute.org/ebook-audit/author/moh-heng-goh) Jun 24, 2024
###### Business Continuity Management Certified Planner-Specialist-Expert
### **Chapter 11**
### **Industry-Specific Considerations for BCM Auditing Based on Monetary Authority of Singapore (MAS) Guidelines**
This chapter explores the specific considerations for auditing Business Continuity Management Systems (BCMS) within the Singaporean financial sector, aligned with the Monetary Authority of Singapore's (MAS) Guidelines on Business Continuity Management [https://www.mas.gov.sg/-/media/mas/regulations-and-financial-stability/regulatory-and-supervisory-framework/risk-management/bcm-guidelines/bcm-guidelines-june-2022.pdf](https://gemini.google.com/app/%3C0%3Ehttps:/www.mas.gov.sg/-/media/mas/regulations-and-financial-stability/regulatory-and-supervisory-framework/risk-management/bcm-guidelines/bcm-guidelines-june-2022.pdf).
#### **Introduction**
MAS, the central bank of Singapore, emphasizes the importance of robust BCM frameworks for financial institutions (FIs) to maintain operational resilience and minimize disruption in the event of incidents.
Auditing BCMS in this context requires understanding the specific expectations laid out by MAS, which may differ from a purely ISO 22301-based approach.
#### **Key Considerations for MAS-based BCM Audits**
##### **Alignment with MAS Guidelines**
- The primary focus should be ensuring the BCMS aligns with the latest MAS Guidelines on Business Continuity Management. This includes:
##### **Risk-Based Approach**
- Evaluate if the BCMS employs a comprehensive risk assessment that identifies threats and vulnerabilities specific to the Singaporean financial sector (e.g., disruptions impacting cross-border transactions, cyberattacks targeting financial institutions).
- Consider how the risk assessment methodology aligns with MAS's expectations for scenario development and risk prioritisation.
**Supervisory Priorities**
- Analyze whether the BCMS addresses MAS's current supervisory priorities as outlined in its publications. This may highlight specific areas of concern for FIs in Singapore.
- Regularly review MAS publications to stay updated on evolving supervisory expectations.
##### **Critical Business Services (CBSs)**
- Scrutinize how CBSs are identified and prioritized according to MAS's definition. This may involve functions crucial for maintaining financial stability in Singapore's unique financial ecosystem, such as:
- Retail banking services (e.g., deposits, withdrawals, payments)
- Wholesale banking services (e.g., trade finance, cash management)
- Capital markets activities (e.g., securities trading, investment banking)
- Payment systems operations
##### **Scenario-Based Testing**
- Assess the effectiveness of scenario-based testing that considers disruptions relevant to the Singaporean financial sector.
- This could include disruptions impacting key infrastructure, technological outages affecting specific financial services (e.g., real-time gross settlement systems), or regional or global events.
- Evaluate if scenarios incorporate potential cascading effects from interconnectedness within the financial system.
##### **Recovery Time Objectives (RTOs) and Recovery Point Objectives (RPOs)**
- Evaluate if the established RTOs and RPOs for CBSs consider MAS's expectations for the timely resumption of operations within the Singaporean financial sector.
- Consider how RTOs and RPOs are determined based on the CBS's criticality and the potential financial impact of downtime.
##### **Incident Response**
- Analyze the BCMS's incident response procedures, ensuring they align with MAS's expectations for prompt notification, effective escalation protocols, and clear communication strategies.
- Verify if procedures incorporate reporting requirements to MAS as mandated by relevant regulations.
#### **Additional Considerations**
##### **Third-Party Dependencies**
- The Singaporean financial sector relies heavily on third-party vendors. The audit should assess how the BCMS addresses potential disruptions impacting these critical third-party relationships.
- Evaluate if the BCMS includes provisions for ensuring continuity of service through contracts with third-party vendors or alternative service providers.
##### **Technology Dependence**
- Singapore's financial sector is highly reliant on technology. The audit should evaluate the BCMS's plans for mitigating disruptions impacting critical technological infrastructure, including:
- Data center outages
- Cyberattacks
- Technological obsolescence
##### **Cross-Border Operations**
- For FIs with cross-border operations, the audit should assess how the BCMS addresses potential disruptions impacting these international activities.
- Consider how the BCMS ensures coordination and communication with overseas branches or subsidiaries during disruptions.
### Summing Up ...
By incorporating these MAS-specific considerations into the BCM audit process, auditors can ensure a more comprehensive evaluation of the BCMS's effectiveness in safeguarding the operational resilience of Singaporean FIs.
This contributes to the overall stability and competitiveness of Singapore's financial sector.
#### More Information About Blended Learning Auditing BCMS Courses
BCM Institute offers two levels of BCM auditing courses: A-3 BCM-8030 ISO22301 BCMS Auditor \[A-3\] and the ISO22301 BCMS Lead Auditor \[A-5\].
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