The Association of Banks in Singapore (ABS) has recently released the second version of the implementation guide for Financial Institutions (FIs) when entering into Cloud outsourcing arrangements, as well as the on-going maintenance. The first version was released in 2016 and significant technological advancements since then have prompted the ABS to release an update to address these changes. It is also intended to further support the practice of migrating material workloads to the Cloud, including systems of record and those classified as Monetary Authority of Singapore (MAS) Critical. Please refer to MAS Notice 644 for the definition of MAS Critical.
The Guide is intended to assist Financial Institutions in understanding approaches to due diligence, vendor management and key controls that should be implemented on an on-going basis in Cloud outsourcing arrangements. It can also be used by Cloud Service Providers (CSPs) to better understand what is required to achieve successful Cloud outsourcing arrangements with FIs.