Get a DemoStart Free TrialSign In


4 min read

All financial institutions operating in Singapore are required to comply with the MAS TRM guidelines in order to operate legally. In order to ensure the safety of their operations, customers, as well as the wider financial system, financial institutions are required to conduct regular risk assessments and implement appropriate risk management measures.

As part of this guide, we will take you through a detailed overview of MAS TRM. We will also take you through key principles and best practices to help you. Furthermore, we will highlight some of the key challenges that financial institutions face in managing technology risks as well as provide practical guidance on how to implement effective technology risk management processes in an effective manner.


What Is MAS TRM?

MAS TRM stands for "Monetary Authority of Singapore Technology Risk Management" and is sometimes also known as MAS TRMG (where the G stands for guidelines). This is a set of guidelines that have been developed by the Monetary Authority of Singapore (MAS) for the management of the technology risks faced by financial institutions in Singapore.

As part of the MAS TRM guidelines, various aspects of technology risk management are covered. These include the creation and implementation of information security policies, identifying and assessing technology risks, establishing an effective information technology governance structure, and implementing robust cybersecurity measures, among others.

To protect against cyber threats, data breaches, and other technology risks, financial institutions are required to conduct regular risk assessments, as well as to implement appropriate risk management measures. A regular audit of financial institutions' compliance with MAS TRM guidelines is conducted by the MAS to ensure they are managing technology risks appropriately.

How Does MAS TRM Help Financial Organizations?

There are several ways in which MAS TRM can help financial organizations, which we will describe in the following sections:

In terms of Risk Management, MAS TRM provides guidelines for identifying, assessing, and managing technology risks within financial institutions. Having a technology risk management system in place helps organizations to manage their technology risks in a systematic and effective way. This in turn can reduce the chances of technology failures causing incidents and disruptions to the business.

As financial services become increasingly digitalized, cybersecurity has become a crucial concern for the financial industry and has become an increasingly pressing issue for them. Financial institutions can safeguard their IT systems and data against cyber threats including hacking, malware, and phishing by applying the recommendations provided by MAS TRM.

Effective management of technology risks can assist financial organizations in building and maintaining their reputation with their customers and stakeholders. This will enable them to enhance the trust they have with clients as well as board members.

What About Financial Institutions With Overseas Bases?

It has been clarified by the MAS that the TRM Guidelines do not apply to overseas subsidiaries and branches of FIs. If however, these subsidiaries or branches are providing IT services to the Singapore entity, FIs need to ensure that their TRM practices remain aligned with the guidelines for TRM as soon as they start providing these services.

Keeping DevSecOps In Mind For Financial Institutions

DevSecOps is a methodology that integrates security practices into software development. As a result, software products are delivered in a timely and automated manner, are secure, efficient, and reliable. DevSecOps activities and processes should align with the financial institution's software development life cycle (SDLC) and IT service management processes. A successful DevSecOps implementation includes configuration management, change management, and software release management. As a result of aligning its DevSecOps activities with its SDLC framework and IT service management processes, the FI can ensure that its software products are delivered securely, efficiently, and reliably.

Managing Logs For MAS TRM

In terms of MAS TRM compliance, log management is necessary because it helps organizations meet the regulatory requirements for the secure and appropriate handling of electronic records in order to ensure compliance.

The management of logs as a service in the context of MAS TRM involves the collection, storage, and analysis of system logs, network logs, and application logs as part of the acquisition and analysis of data. As a result, these logs serve as a record of all events and actions that occur within an organization's IT environment. These may include login attempts, system changes, file access, and network connections. Analysis of these logs provides insight into potential security threats, and measures can be taken to mitigate them.

In order to ensure the integrity, confidentiality, and accessibility of their electronic records, organizations are required to implement appropriate log management practices. In particular, MAS TRM requires organizations to:

  • Logs should be retained for a minimum of one year, or longer if required by law.
  • Ensure that logs are protected from unauthorized modification or deletion.
  • Security incidents should be detected and responded to regularly by reviewing and analyzing logs.
  • To transmit and store logs securely, use encryption and access controls.
  • Auditors or regulators should be able to inspect logs upon request.

Organizations can demonstrate compliance with MAS TRM requirements by managing logs efficiently and effectively to protect their electronic records from unauthorized access, modification, or deletion.

How Audit Logs Can Prove Essential For MAS TRM Compliance

For an organization to achieve MAS TRM compliance, audit logs are an essential tool, as they offer a record of all activities and events within an organization's IT systems, which is important for achieving MAS TRM compliance. It is a critical requirement that financial institutions use audit logs as part of their TRM compliance program, and institutions are required to maintain accurate and complete records of all system activities, such as user access, changes to the system, and security incidents that occur on their systems.

It is important for the financial institutions to maintain detailed audit logs so that they can better monitor and manage their IT systems, detect and investigate security incidents, and demonstrate compliance with the MAS TRM requirements. Financial institutions can also use audit logs for the purpose of proving due diligence and help them identify areas where their IT systems are weak, which in turn will enable them to take appropriate corrective actions in order to mitigate the risks associated with technology.

Some of the key benefits of using audit logs to achieve MAS TRM compliance include:

As a result of audit logs, financial institutions are able to get a full picture of all activities relating to their IT systems, helping them detect and investigate security incidents, identify risk areas, as well as demonstrate compliance with the requirements of MAS TRM.

By keeping track of all system events and user activities, audit logs enable financial institutions to identify potential security breaches in a timely manner, allowing them to take the necessary remedial actions promptly and efficiently.

In summary, audit logs are a crucial component of an effective technology risk management program, and their use is essential for achieving MAS TRM compliance. If you want to get started with centralizing your audit logs for compliance then why not review our MAS TRM compliance solution?

If you found this article on compliance informative then why not read about CCPA or view the best Graphite dashboards next?

Get the latest elastic Stack & logging resources when you subscribe

© 2023 Ltd, All rights reserved.