28 July 2020
On 19 June 2020, Bank Negara Malaysia (“BNM”) issued a Policy Document on Risk Management in Technology (“Policy Document”). The Policy Document was previously issued as an exposure draft on 4 September 2018.
The Policy Document sets out the requirements in relation to financial institutions’ risk management in their use of IT systems, applications, platforms and infrastructure. It is applicable to various financial institutions including licensed banks, licensed insurers, prescribed development financial institutions, approved issuers of electronic money and operators of designated payment systems.