This 4-hour course provides a comprehensive understanding of the generic technology and cyber risk management practices and risk concepts commonly deployed in the financial industry to enhance the overall digital enterprise risk management. The complexity of today’s interconnected financial markets and globalization is exposing organizations to numerous operational, technological and business threats that could lead to substantial data and financial losses well as reputational damages.

Designed for professionals in private banking & wealth management, this programme focuses on the practical considerations in the design, adoption and implementation of systems and processes for an optimal digital business environment against the backdrop of the emerging threats from the cyber world, neobanks and other fintech providers with regards to technology and cyber risk management, aligned to MAS and global regulations, covering the key digital and cyber risk management concepts and best practice implementation approaches, including its management and applications to IT, technology, cyber and 3rd party/IT supply chain risks. It will also go beyond that and address the practical usage of that knowledge; with case studies and examples.

Assistant Relationship Managers & Relationship Managers in Private Banking

• Identify potential risks and threats associated with cybersecurity, such as viruses, hacking, and identity theft (importance of education, L&D to enhance cyber hygiene awareness).
• Protect personal and business information from cybersecurity threats (strong awareness of following P&Ps & protective measures) incl. remote and WFH environments.
• Follow cybersecurity policies and procedures in own area of work (cyber hygiene).
• Explain / share knowledge on cybersecurity practices to customers and/or stakeholders (holistic stakeholder cyber hygiene framework).
• Take appropriate actions as required during cybersecurity breaches (incidence response & reporting).
• Identify relevant channels in the organisation to report and initiate corrective actions (including reporting types & channels).

Understanding and Awareness of Technological and Cyber Risk in the Financial Services Industry Institution

• Key Drivers and Trends in the 4th Industrial Revolution (essentially a digital revolution)
• How the Transition to the Increasingly Digital Environment Engenders New and Emerging Risks
• Identifying some of these Key Risks and Implications
• Understand the Evolving Technological Risk over the Years including the Pandemic Age and Impact on Financial Institutions

Foundational Aspects of Digital Risk Management (Tech & Cyber Risk) and Regulatory Obligations

• Awareness and Understanding of Global Best Practice framework and regulatory requirements in Singapore associated with technological and cyber risk
• Building and implementing the foundation of a Best Practice Digital Framework starting with the core pillars of risk drivers (people, data, infrastructure and systems, incl. devices, processes and risk culture and governance)
• Identifying Areas and Assets in the Business Ecosystem to Protect and Secure
• Ensure Business Continuity and Resilience

Operationalizing the Digital Risk Management Framework

• Learning and Development in Human Capital Development
• Organizational Governance and Regulatory Compliance Policies and Procedures
• Augmenting with Scenario Analysis and Stress Testing complemented with Business Continuity and Contingency Planning
• Financial adviser’s role in the digital risk management preparation incl. incidence response and reporting

Core Elements in a Digital Risk Management Framework

• Identify, Protect, Detect, Respond (incl. Reporting) & Recover
• Reporting in Information and Communication Aspect incl. Escalation, Activation & Crisis Management Procedures
• Data Privacy and Data Loss Protection
• Financial adviser’s role in combating technological and cyber risk exposure
• Concluding Remarks: Overview of Global Best Practice Guidelines and Standards from NIST, MAS TRM, 3rd Party Risk and Cyber Hygiene Guidelines