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BCM Audit 2024

MAS is concerned about the stability of licensed/ registered entities (“entities”) and the overall financial system, requiring them to implement controls to minimize operational disruptions, identify potential failure points early, and eliminate them where possible. An effective Business Continuity Management (BCM) framework is essential to minimize the impact of operational disruptions on an entities ability to continually deliver services.

MAS has mandated the first BCM Singapore audit by entities by June 2024 and every three years thereafter. BCM audit is crucial to assess the effectiveness and adequacy of its BCM framework implementation to adequately cover the assessment of BCM preparedness based on the level of operational risks it is exposed. BCM audits should be conducted by a qualified party with the necessary knowledge and expertise, independent of the unit responsible for the BCM. The BCM audit reports upon request to MAS for further review.

To know more about the update, reach out to us.

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