MAS consults on updated guidelines on operational risk management

27 March 2026

On 6 March 2026, the Monetary Authority of Singapore (“MAS”) published its Consultation Paper on Updated Guidelines on Operational Risk Management. The consultation closes on 20 April 2026.

The importance of operational risk management has grown with increasing digitalisation of financial services, reliance on third parties, and threat of cyberattacks. The proposed Updated Guidelines on Operational Risk Management (“updated ORMG”) aim to promote effective operational risk management. The updated ORMG will supersede the Guidelines on Risk Management Practices - Operational Risk published in March 2013. The updated ORMG builds on MAS’ existing expectations and incorporates key elements of guidance by the Basel Committee on Banking Supervision.

MAS proposes to apply the expectations in the updated ORMG to all financial services as defined in section 2 of the Financial Services and Markets Act 2022 (“FIs”).

Among other things, MAS seeks comments on:

  • where FIs envisage challenges in observing specific expectations on a proportional basis;
  • a proposed expectation for a domestic systemically important bank or insurer to publicly disclose its approach to operational risk management and operational risk exposures, and its code of conduct, and whether there are other FIs that should be subject to this expectation;
  • a proposed expectation for an FI to establish a robust change management process to identify and assess material incremental operational risks arising from planned changes in its operations; and
  • proposed expectations applicable to FIs with branches or subsidiaries under them and which (i) are subject to consolidated supervision by MAS, or (ii) are owners of critical information infrastructure.

MAS proposes providing a transition period of six months after the updated ORMG is issued for FIs to meet the expectations set out therein.

Reference materials

The Consultation Paper on Updated Guidelines on Operational Risk Management is available on the MAS website www.mas.gov.sg.