The Monetary Authority of Singapore will not be extending the six-month paused imposed on DBS from November to April. But the multiplier of 1.8 times to DBS Bank’s risk weighted assets for operational risk will be retained.
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DBS said that the bank’s ability to resume non-essential IT changes and acquire new business ventures will not dilute its focus on strengthening technology resiliency and enhancing digital service availability.
Since May 2023, DBS has executed a comprehensive technology resiliency roadmap to deliver customers a higher degree of service availability. The six-month pause on non-essential activities was imposed by MAS last November. This has enabled the bank to further prioritise attention and resources on addressing gaps in technology resiliency.
In particular, to improve service availability and speed up recovery time in the event of disruptions, the bank has undertaken a number of key actions in the areas of technology risk governance and oversight, system resilience, change management and incident management.
DBS technology resiliency key actions include
- Strengthened independent risk functions;
- Simplified systems architecture, enhanced system redundancies for key services and reduced single points of failure;
- Tightened change management processes; and
- Enhanced its ability to more quickly identify incidents and resolve them
Several areas remain a work-in-progress. They include continued simplification and strengthening of the bank’s systems architecture. It is building deeper expertise in centres of excellence for critical third-party technologies. It is also broadening the use of artificial intelligence to further strengthen change management. And it is creating more monitoring tools so as to be able to detect potential issues more quickly.
DBS CEO Piyush Gupta said: “The pause has allowed us to reflect on the areas we needed to improve on, and to better address them. While progress has been made, we are committed to building on this further. In the months ahead, we will continue to prioritise resources to strengthening technology resiliency. We will also dedicate management attention to ensuring that our efforts have sustained effectiveness. Our pledge is to ensure that innovation is well balanced with resiliency so as to meet our customers’ expectations for reliable, seamless and effortless banking.”
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