On 3 June 2022, Bank Negara Malaysia (BNM) issued an exposure draft on the Cloud Technology Risk Assessment Guideline, setting out its proposed guidance to assess common key risks and consideration of control measures when cloud services are adopted by financial institutions. The guideline, when in force, will complement the Risk Management in Technology policy document.

The exposure draft, when issued, will apply to:

  • banks;
  • investment banks;
  • insurers licensed under the Financial Services Act 2013;
  • Islamic banks and takaful operators licensed under the Islamic Financial Services Act 2013; and
  • operators of designated payment systems and issuers of electronic money approved under the Financial Services Act 2013 or the Islamic Financial Services Act 2013.

Any feedback to the exposure draft must be provided to BNM by 15 July 2022.

For further information on this topic please contact Pamela Kung at Shearn Delamore & Co by telephone (+60 3 2027 2911) or email ([email protected]). The Shearn Delamore & Co website can be accessed at www.shearndelamore.com.