MAS Proposes Updated Guidelines on Operational Risk Management for Financial Institutions (Consultation Closes April 20, 2026)

Monetary Authority of Singapore (Mar 6, 2026) issued a Consultation Paper on Updated Guidelines on Operational Risk Management for financial institutions, aimed at strengthening ORM amid increasing digitalisation of financial services, reliance on third-party providers and elevated cyber threats. The Updated GORM builds on existing MAS expectations and incorporates key elements of BCBS guidance, superseding the 2013 Guidelines on Risk Management Practices — Operational Risk. Consultation closes April 20, 2026, and MAS proposes a six-month transition period after the Updated GORM is issued. FIs are expected to maintain an effective ORM framework covering timely identification, assessment, treatment, monitoring, review and reporting; a defined risk appetite; common taxonomy; and robust change-management processes. Direct read-out for SEA-based FI boards.