Technology has greatly helped to empower businesses and their processes. However, the increase of data and sharing has also made sensitive information more vulnerable to compromisation as well. For financial institutions, proper cybersecurity practices are key to maintaining the integrity of their customers’ data as well as complying with strict laws, standards and policies.
What are TRM Guidelines?
The TRM Guidelines refers to the Technology Risk Management Guidelines set up by the Monetary Authority of Singapore. It addresses technology risk assessment, including raising cybersecurity standards and strengthening cyber resilience in the financial sector.
In response to growing cyber threats, the TRM guidelines are being updated every year to help financial institutions keep up with emerging cybersecurity technologies and best practices to keep their organizations safe.
Why is IT compliance with TRM Guidelines important?
The MAS expects financial institutions to observe and comply with the TRM guidelines, which will be taken into account in their risk assessments of the institute.
To keep up with fast developments in the technology and cyber threat landscape, MAS has recently revised its TRM guidelines for 2021. Their enhanced expectations on IT compliance standards include:
How can an IT auditor help?
An IT auditor is responsible for analyzing and assessing a financial institute’s technological infrastructure. They ensure that processes and systems run efficiently while remaining secured and complying with TRM guidelines and regulations. During their audit, IT auditors can help identify any IT issues relating to security and risk management.
Subsequently, they will be able to offer accurate solutions that will improve certain processes and systems within the organization to enhance their security and compliance standards.
Benefits of IT auditing
Reduces IT risks: IT auditing can tackle risks relating to the availability, integrity and confidentiality of information technology processes and infrastructure. Through regular identification and assessment of risks, IT auditing helps financial institutions paint a clearer picture of the steps they need to take to eliminate or reduce IT risks effectively.
Improves data security: Upon assessing and identifying the risks, better IT audit controls can be put in place. Institutions can make use of the advanced tools and technologies provided to redesign and strengthen previously ineffective controls, leading to improved IT data security.
Enhances IT governance: IT auditing ensures that all IT laws, compliances and regulations set by the financial institution and the MAS are being met by all employees and departments. The IT management team can also get a better understanding of the controls, risks and value of the organization’s technological environment, leading to improved IT governance overall.
Reputable IT Auditing Services
Working with a reputable IT auditing firm in Singapore is vital if you want your organization to uphold excellent IT compliance standards. NEX CorporateIT consultants work with financial institutions to create solid IT cybersecurity strategies and manage their risk controls.
As a trusted IT auditing and maintenance service provider, we help organizations become operationally efficient while maximizing their technological investment returns. Reach out to our professional IT consultants for more information today.