Financial services technology risk and regulations

Building trust in technology within the financial services sector

As organisations embrace new technologies and introduce new ways of working, the scope and nature of risk exposure evolves. Our team of professionals dedicated to financial services risk and regulations can help you navigate the impact of these dynamic changes on your people, processes and technology. We have deep and pragmatic experience with advising organisations on matters related to risk and regulations surrounding cybersecurity, technology, cloud, outsourcing, supply chain, and more.

How we can help you

Non-financial risk compliance programme

Our team has extensive experience with the Monetary Authority of Singapore (MAS) Technology Risk Management (TRM) Notice, Cyber Hygiene Notice, TRM guidelines, outsourcing guidelines and cloud advisory.

We can assess your current state against regulatory requirements from MAS in the management of cybersecurity, technology operations, outsourcing and cloud risks.

Beyond the initial assessment, we can help you:

  • Design frameworks, policies, procedures and related controls
  • Implement controls, set up governance structures and perform pre-implementation testing
  • Provide ongoing monitoring of risks and effectiveness of controls.

Controls assurance

The financial services (FS) industry has been at the forefront of enhancing cybersecurity capabilities to respond to cyber threats. However, there is now a shift to instituting frameworks to assure these controls are operating effectively and sustainably as they mature.

PwC Singapore can help you design and operationalise a target operating model and controls assurance framework to give you confidence in the effectiveness of your cybersecurity controls.

Cyber risk assessments

Threats can arise through the connections in your technology ecosystem. Third parties, enterprise networks, software and interfaces to other systems can introduce risks to your organisation. At PwC we look at the lifecycle of cyber risks, governance as well as your digital landscape to bring you a holistic view of your risks.

Our team of cyber specialists can help you to manage your cyber risks, from cyber risk governance, security assessments, identity management and cyber intelligence.

Assessment to meet industry expectations

Apart from regulator-driven cybersecurity requirements, there are other industry-expected control baselines that the FS sector is expected to adhere to, such as SWIFT CSP, ISO27001, PDPA, and more. With our proven assessment approach and methodology, our team of experts can help you with:

  • Independent assessment to determine if your current controls satisfy SWIFT CSP requirements
  • Develop workstreams to address identified controls gaps via both technology and process changes
  • Work alongside your internal audit function to report on SWIFT CSP controls
  • Perform assessment of compliance with the ISO security standards (including processes, procedures, documentation, etc)
  • Assist in preparing for compliance/certification procedures.
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Contact us

Kyra Mattar

Kyra Mattar

Partner, Digital Solutions, PwC Singapore

Tel: +65 9735 2506

Ali Rasheed Butt

Ali Rasheed Butt

Director, Digital Solutions, PwC Singapore

Tel: +65 9616 7159

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