Root cause and impact analysis report within 14 days
Is this legally binding?
Binding, sectoral. Binding, but only for a defined population: one regulated sector, or the federal government and the vendors it buys from.
Binding obligation (FSM-N05 para 8 and equivalents): submit a root cause and impact analysis report to MAS within 14 days (or longer if MAS allows) of discovering a relevant incident, containing an executive summary, root cause analysis, impact description (legal compliance, operations, customer service) and remedial measures taken. Binding on FIs only.
From the source
“A Bank must submit a root cause and impact analysis report to the Authority, within 14 days or such longer period as the Authority may allow, from the discovery of the relevant incident.”
Notice FSM-N05, para 8
What this connects to
3 relations. Official relations are the ones the source documents state; anything marked GAGE analysis is our reading, not an agency's.
Applies to1
- ConceptFinancial services sector (Singapore)Guidance
Binding obligation on FIs
Cites2
- SectionNotice FSM-N05 Technology Risk Management (banks)Binding, sectoral
Obligation stated in Notice FSM-N05 (equivalent provisions in the other sectoral notices)
- ConceptDefinition: relevant incidentBinding, sectoral
Report duty runs from discovery of the 'relevant incident'
Verified against the official source on 2026-08-17. GAGE is not affiliated with or endorsed by any agency named here, and nothing on this page is legal advice. How this is built and checked.