InfoSec for Finance Regulatory Authority of Singapore

Securing Information Exchange within the Finance Industry

The Finance Regulatory Authority of Singapore engaged AdNovum in re-engineering a platform that enabled secured information exchanges between stakeholders, along with an email and intranet portal.

The mission of the Finance Regulatory Authority of Singapore is to facilitate sustained, non-inflationary economic growth and a sound and progressive financial centre.

 

The Challenge: Re-engineering to Delivering Better Value

The eGov Secure Collaboration Suite (SCS) project was conceptualized and initiated in 2014 to review and re-engineer the existing version and its underlying business processes to deliver better value proposition to subscribers. Challenges to be addressed included:

  • Fragmented business processes;
  • Manual interventions;
  • Growing cyber-security threats

 

The Solution

AdNovum supplied, delivered, installed, tested and commissioned the eGov SCS platform, which comprises of the following:

 

eGov SCS Authentication Framework - A security-centric component that is driven by an Identity and Access Management (IAM) solution. Using 2-factor authentication (2FA) and role-based access control, it is designed for secured business communication between all financial institutions.The framework integrates with 17 business applications, supporting Single Sign-On (SSO) to various applications and e-services.

 

eGov SCS Email - A closed email community to facilitate the exchange of information between subscribers. Integrated with the data exchange services of eGov SCS, institutions can make use of the email service to transfer data to government agencies for straight-through processing.

 

eGov SCS Portal – Provides a unified channel for timely information dissemination to all financial institutions of Singapore. Integrated with internal databases, the portal allows control over the accessibility of information and the ability to nominate recipients of specific information.

 

The Results

  • Security and Compliance: Enhanced the security of information exchange between Finance Regulatory Authority, financial Institutions and other government agencies in Singapore, through implementation of End-To-End Encryption (E2EE) and 2FA.
  • Process Efficiency: Streamlined existing business processes through the adoption of technology, particularly in account administration and information distribution and exchange.
  • Productivity: Facilitate the sharing of information between Finance Regulatory Authority and the financial industry, in a timely manner and using a common information portal.
  • Usability: SSO for all eGov SCS e-services used by financial institutions to improve overall usability and communication with the Finance Regulatory Authority.
  • Governance: Improved governance by putting in place key controls and audit trails to ensure proper governance in the administration of eGov SCS services

The Benefits

  • Enhanced Data Security: Enforced through the implementation of 2FA, E2EE and policy-based security controls to prevent data breaches.
  • Improved Business Efficiency: Subscribers now can perform account administration based on the needs of their institutions, allowing them to react more promptly to manpower changes without impacting operations. By eliminating unnecessary intervention, the turnaround time for account administration is expected to be reduced by more than 50%.
  • Increased Productivity: Eliminated unnecessary manual intervention in various processes. The new account administration process and centralised information portal allows objectives of business processes to be met in a more timely and effective manner.
  • Increased Usability: Centralisation of all services onto a web-based platform with support for mobile devices. This enables users to access eGov SCS from anywhere in the world, hence supporting a more mobile work-force.
  • Improved Governance: Achieved with key controls and comprehensive audit trails that are put in place to ensure proper governance in the usage and administration of eGov SCS.
  • Reduced Operating Costs: Achieved significant reduction in operating cost as financial institutions no longer have to subscribe and maintain client-based email software. In addition, the Finance Regulatory Authority is reaping the benefits of manpower savings with the decentralization of the account administration processes.
  • Strategic Impact: The ease of information exchange and sharing in a secured manner gives rise to growing interest to on-board different types of regulated entities onto the Finance Regulatory Authority. The value proposition that the new platform delivers has also drawn the attention of existing stakeholders to use the platform more extensively to achieve their intended outcomes.