Technology Obsolescence Risk Guide for Financial Industry

This guide serves as a comprehensive resource for financial institutions in Singapore regarding technology obsolescence risk management. It outlines the importance of a standardized approach to defining and reporting technology obsolescence across various IT systems and components, including hardware and software. The document emphasizes the need for a common framework to enhance alignment with industry benchmarks and improve communication with regulators and stakeholders. It details key definitions related to systems, critical systems, and IT components, and introduces a technology obsolescence reporting framework. This framework aims to provide clarity on the potential impacts of aging systems on business services, enabling institutions to prioritize remediation efforts. The guide also discusses the significance of extended support and the lifecycle of IT components, including stages such as General Availability, Obsoleting, and Obsolete. Overall, it aims to assist financial institutions in managing operational risks associated with technology obsolescence effectively.