Bank Negara issues draft on Cloud Technology Risk Assessment Guideline

09 June 2022

Bank Negara Malaysia (‘BNM’) issued an Exposure Draft on Cloud Technology Risk Assessment Guideline (‘CTRAG’) on 3 June 2022. The CTRAG sets out the guidelines for assessment of common key risks and considerations of control measures when financial institutions adopt cloud services. The CTRAG serves as supplementary guidance, and when issued, will be included as Appendix 10 to BNM’s Policy Document on Risk Management in Technology (RMiT) issued on 19 June 2020.

The CTRAG will apply to:

Licensed banks;
Licensed investment banks;
Licensed Islamic banks;
Licensed insurers including professional reinsurers;
Licensed takaful operators including professional retakaful operators;
Prescribed development financial institutions;
Approved issuer of electronic money; and
Operator of a designated payment system.

The deadline for submission of feedback on the CTRAG to BNM is 15 July 2022.

Alert by Jillian Chia (Partner) of the Technology, Media and Telecommunications Practice and Lee Ai Hsian (Partner) of the Banking and Finance Practice of Skrine.

This alert contains general information only. It does not constitute legal advice nor an expression of legal opinion and should not be relied upon as such. For further information, kindly contact skrine@skrine.com.

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Bank Negara issues draft on Cloud Technology Risk Assessment Guideline