[OR] [MM] [MAS] Regulatory Audit Checklist: MAS BCM, TRM, ORM

Regulatory Audit Checklist

MAS BCM, TRM, ORM (Operational Resilience)

This chapter contains a regulatory audit checklist mapped to MAS BCM, TRM, and ORM guidelines

Below is a Regulatory Audit Checklist for Operational Resilience mapped to key expectations from the Monetary Authority of Singapore (MAS), specifically:

MAS Business Continuity Management (BCM) Guidelines (2022)
MAS Technology Risk Management (TRM) Guidelines
MAS Operational Risk Management (ORM) Guidelines
Achieving Operational Resilience for Financial Institutions in Singapore

The checklist is structured for audit, compliance validation, and supervisory readiness, aligned to your Plan → Implement → Test → Improve lifecycle and MAS’s service-centric resilience model.

Section 1. Governance, Oversight, and Risk Appetite

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
Board Oversight	Has the Board approved the BCM/Operational Resilience framework?	BCM	Board minutes, policy documents
Governance Structure	Are roles defined across 3 Lines of Defence?	ORM	Org structure, RACI matrix
Risk Appetite	Is operational risk appetite defined and approved?	ORM	Risk appetite statement
Reporting	Are resilience metrics regularly reported to senior management?	BCM / ORM	MI reports, dashboards
Accountability	Is senior management accountable for resilience outcomes?	BCM	Job descriptions, governance papers

Section 2. Critical Business Services (CBS) Identification

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
CBS Definition	Are Critical Business Services formally identified?	OR Framework	CBS inventory
Service-Centric Approach	Are CBS defined based on customer outcomes?	OR Framework	Service definitions
Approval	Are CBS approved by senior management/Board?	BCM	Approval records
Review	Are CBS reviewed periodically?	BCM	Review logs
Coverage	Are all critical operations mapped to CBS?	BCM / ORM	Mapping documents

Section 3. Mapping and Dependency Management

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
End-to-End Mapping	Are CBS mapped end-to-end across processes and systems?	BCM	Process maps
Dependency Identification	Are dependencies (people, process, technology, third-party) identified?	BCM / TRM	Dependency mapping tables
Single Points of Failure	Are SPOFs identified and mitigated?	TRM	Risk assessments, mitigation plans
Third-Party Mapping	Are third-party dependencies linked to CBS?	TRM / Outsourcing	Vendor mapping
Update Process	Is the mapping updated after changes?	ORM	Change management logs

Section 4. Impact Tolerance and Recovery Objectives

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
Recovery Objectives	Are SRTO/RTO defined for all CBS?	BCM	BIA reports
Data Recovery	Are RPO/data loss tolerances defined?	TRM	DR plans
Impact Criteria	Are tolerances based on customer, regulatory, and financial impact?	BCM	Impact analysis
Approval	Are tolerances approved by senior management?	BCM	Approval records
Realism	Are tolerances tested and validated?	BCM	Test results

Section 5. Operational Risk Management (ORM)

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
Risk Framework	Is there a formal ORM framework?	ORM	ORM policy
Risk Identification	Are risks identified across all business units?	ORM	Risk registers
RCSA	Are Risk & Control Self-Assessments conducted?	ORM	RCSA outputs
KRIs	Are Key Risk Indicators defined and monitored?	ORM	KRI dashboards
Risk Treatment	Are mitigation plans implemented and tracked?	ORM	Action plans
Incident Integration	Are incidents fed into risk assessments?	ORM	Incident logs

Section 6. Technology Risk Management (TRM)

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
System Resilience	Are systems designed with redundancy and failover?	TRM	Architecture diagrams
Cyber Resilience	Are cyber resilience measures integrated?	TRM	Security frameworks
Monitoring	Are systems monitored for availability and threats?	TRM	Monitoring dashboards
Incident Response	Is there a cyber incident response plan?	TRM	IR plans, playbooks
Cloud Risk	Are cloud services assessed for resilience risks?	TRM	Cloud risk assessments
Access Controls	Are controls implemented for system access?	TRM	Access logs, IAM policies

Section 7. Third-Party Risk Management (TPRM)

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
Vendor Identification	Are critical third parties identified?	TRM / Outsourcing	Vendor inventory
Due Diligence	Is due diligence conducted before onboarding?	TRM	DD reports
Contractual Controls	Are resilience requirements included in SLAs?	TRM	Contracts
Monitoring	Are third-party risks continuously monitored?	TRM	Performance reports
Exit Strategy	Are exit/contingency plans defined?	TRM	Exit plans
Concentration Risk	Is vendor concentration risk assessed?	ORM	Risk analysis

Section 8. Scenario Testing and Exercising

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
Testing Programme	Is there a structured testing programme?	BCM	Testing calendar
Scenario Design	Are scenarios severe but plausible?	BCM / TRM	Scenario library
End-to-End Testing	Are CBS tests end-to-end?	OR Framework	Test reports
Third-Party Inclusion	Are vendors included in tests?	TRM	Test participation records
Results Tracking	Are results documented and tracked?	BCM	Test reports
Improvement Actions	Are lessons learned implemented?	BCM	Action logs

Section 9. Incident and Crisis Management

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
Incident Framework	Is there a formal incident management framework?	ORM	Incident procedures
Escalation	Are escalation thresholds defined?	BCM	Escalation matrix
Crisis Structure	Is there a crisis management team?	BCM	Crisis org chart
Communication	Are communication protocols defined?	BCM	Communication plans
Regulatory Reporting	Are MAS notification requirements defined?	BCM	Reporting procedures
Post-Incident Review	Are lessons learned captured?	ORM	Review reports

Section 10. Training, Awareness, and Culture

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
Training Programme	Is there a formal BCM/training programme?	BCM	Training records
Role-Based Training	Are staff trained according to roles?	BCM	Training matrix
Awareness	Are awareness campaigns conducted?	BCM	Campaign materials
Leadership Engagement	Is leadership actively promoting resilience?	BCM	Leadership communications
Exercise Participation	Do staff participate in exercises?	BCM	Attendance records

Section 11. Continuous Improvement and Assurance

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
Continuous Improvement	Is there a structured improvement process?	BCM	Improvement logs
Audit Function	Is there an independent audit/assurance?	ORM	Audit reports
KPI/KRI Monitoring	Are resilience metrics tracked?	ORM	Dashboards
Regulatory Alignment	Are frameworks reviewed against MAS updates?	BCM / ORM	Gap analysis reports
Issue Tracking	Are issues tracked to closure?	ORM	Issue logs

Section 12. Change Management and Future Readiness

Audit Area	Audit Checklist Questions	MAS Reference	Evidence Required	Rating
Change Framework	Is there a formal change management process?	ORM	Change policies
Risk Assessment	Are changes assessed for operational risk impact?	ORM	Change risk assessments
New Initiatives	Are resilience requirements embedded in new products?	BCM	Product approval documents
Emerging Risks	Are emerging risks considered (AI, cyber, geopolitical)?	ORM	Risk reports
Roadmap	Is there a forward-looking resilience roadmap?	BCM	Strategy documents

Scoring and Audit Interpretation

Rating Scale

For each question, assign:

Level 0: Ad-hoc: Reactive, unstructured processes. Non-Compliant
Level 1: Reactive: Basic frameworks with sporadic execution. (Documented but inconsistent)
Level 2: Proactive: Formal policies and dedicated teams. (Documented)
Level 3: Mature: Anticipatory risk management. (Consistent execution)
Level 4: Advanced: Integrated, data-driven strategies. (Measured and monitored)
Level 5: Leading: Predictive analytics and automation. (Continuous improvement and leading practice)
Level 6: Excellence: Industry leadership through innovation.

Audit Outcome Categories
Regulatory Gap (L0–L2): Immediate remediation required
Compliant (L3-L4): Meets MAS minimum expectations
Mature (L5–L6): Demonstrates strong resilience capability

Key Takeaways (Aligned to MAS Direction)

This MAS-aligned audit checklist enables banks to:

Demonstrate regulatory compliance across BCM, TRM, and ORM
Validate end-to-end operational resilience capability
Support internal audit, regulatory inspections, and Board assurance
Transition from compliance-driven BCM → integrated operational resilience maturity

More Information About Blended Learning OR-5000 [BL-OR-5] or OR-300 [BL-OR-3]

To learn more about the course and schedule, click the buttons below for the OR-3 Blended Learning OR-300 Operational Resilience Implementer course and the OR-5 Blended Learning OR-5000 Operational Resilience Expert Implementer course.



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Operational Resilience eBook Series: Regulatory Audit Checklist

[OR] [MM] [MAS] Regulatory Audit Checklist: MAS BCM, TRM, ORM

Operational Resilience Planner-Specialist-Expert

Regulatory Audit Checklist

MAS BCM, TRM, ORM (Operational Resilience)

Section 1. Governance, Oversight, and Risk Appetite

Section 2. Critical Business Services (CBS) Identification

Section 3. Mapping and Dependency Management

Section 4. Impact Tolerance and Recovery Objectives

Section 5. Operational Risk Management (ORM)

Section 6. Technology Risk Management (TRM)

Section 7. Third-Party Risk Management (TPRM)

Section 8. Scenario Testing and Exercising

Section 9. Incident and Crisis Management

Section 10. Training, Awareness, and Culture

Section 11. Continuous Improvement and Assurance

Section 12. Change Management and Future Readiness

Scoring and Audit Interpretation

Rating Scale

Audit Outcome Categories

Key Takeaways (Aligned to MAS Direction)

More Information About Blended Learning OR-5000 [BL-OR-5] or OR-300 [BL-OR-3]

Comments

Operational Resilience eBook Series: Regulatory Audit Checklist

[OR] [MM] [MAS] Regulatory Audit Checklist: MAS BCM, TRM, ORM

Operational Resilience Planner-Specialist-Expert

Regulatory Audit Checklist

MAS BCM, TRM, ORM (Operational Resilience)

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Section 1. Governance, Oversight, and Risk Appetite

Section 2. Critical Business Services (CBS) Identification

Section 3. Mapping and Dependency Management

Section 4. Impact Tolerance and Recovery Objectives

Section 5. Operational Risk Management (ORM)

Section 6. Technology Risk Management (TRM)

Section 7. Third-Party Risk Management (TPRM)

Section 8. Scenario Testing and Exercising

Section 9. Incident and Crisis Management

Section 10. Training, Awareness, and Culture

Section 11. Continuous Improvement and Assurance

Section 12. Change Management and Future Readiness

Scoring and Audit Interpretation

Rating Scale

Audit Outcome Categories

Key Takeaways (Aligned to MAS Direction)

More Information About Blended Learning OR-5000 [BL-OR-5] or OR-300 [BL-OR-3]

Comments