Updated Policy Document On Risk Management In Technology (RMiT): Additional Requirements Relating To Management Of Cloud Technology Risks

Introduction

On 1 June 2023, the Central Bank of Malaysia ("BNM", or Bank Negara Malaysia) issued an updated version of its Policy Document on Risk Management in Technology ("Updated RMiT PD"), which sets out additional requirements in respect of a financial institution's ("FI") management of cloud technology risks.¹ In conjunction with the issuance of the Updated RMiT PD, BNM also revised its FAQs for the Updated RMiT PD to provide further guidance and clarifications regarding such additional requirements.

This Update seeks to provide a summary of the key requirements being introduced under the Updated RMiT PD that FIs should take note of.

Key Updates in the Updated RMiT PD