Operational Readiness for MAS-Regulated Fund Managers: Risk, Reporting & Technology

MAS Approval Is the Starting Line, Not the Finish

Obtaining approval from the Monetary Authority of Singapore—whether as an RFMC or LFMC—is a major milestone.
But MAS expects licensed managers to demonstrate real, functioning operational capability before and throughout asset management activity.

MAS supervision focuses heavily on:

• Risk governance
• Operational controls
• Data accuracy
• AML/CFT effectiveness
• Technology resilience
• Auditability and documentation

This article explains what MAS expects after licensing—and how to build a robust, scalable operating model from day one.

1. Risk Management: From Policy to Practice

MAS requires risk management to be embedded in daily operations, not merely documented.

Post-License Risk Expectations

• Clear risk appetite approved by the board
• Ongoing monitoring of market, liquidity, concentration & counterparty risk
• Independent risk oversight (internal or outsourced with supervision)
• Stress testing and scenario analysis (especially for alternatives)
• Escalation and breach management procedures

MAS Focus Areas

• Independence between investment and risk
• Frequency and depth of monitoring
• Board visibility over risk exposures

Why This Matters

MAS will ask how risks are monitored in practice, not just what the policy says.

2. Portfolio Oversight & Data Integrity

Even for RFMCs, MAS expects managers to maintain accurate, complete, and timely portfolio data.

Operational Requirements

• Portfolio valuations and P&L tracking
• Asset allocation and exposure monitoring
• Look-through analysis (where applicable)
• Corporate action handling
• Cash and transaction oversight

For Delegated or Multi-Custodian Setups

• Independent oversight of portfolio data
• Ability to challenge administrator or custodian data
• Reconciliation processes and exception handling

3. Regulatory Reporting & Ongoing Filings

MAS reporting obligations depend on licence type, but operational readiness requires reporting workflows to be live and tested.

Typical MAS Reporting Includes

• Annual regulatory returns
• Financial statements
• AUM reporting
• Risk and compliance attestations
• Incident and breach notifications
• AML/CFT reporting
• Ad-hoc supervisory information requests

Key Expectation

Firms must be able to produce accurate data quickly—often within days.

4. AML/CFT & Investor Onboarding Readiness

AML/CFT is one of MAS’s highest supervisory priorities.

Post-License AML Expectations

• Digital onboarding workflows
• KYC/KYB checks for investors
• Beneficial ownership identification
• PEP, sanctions & adverse media screening
• Source of wealth/funds verification
• Risk scoring and classification
• Ongoing monitoring and periodic reviews
• Suspicious transaction reporting workflows
• Full audit trails

Why This Matters

MAS frequently takes enforcement action where AML is treated as a formality.

5. Compliance Function & Internal Controls

MAS expects an active compliance function, even if outsourced.

Compliance Readiness Includes

• Compliance monitoring plan
• Code of conduct enforcement
• Conflict of interest management
• Personal account dealing oversight
• Gifts & entertainment tracking
• Complaints handling
• Outsourcing oversight
• Regulatory change management

Governance Angle

The board must receive regular compliance reporting and evidence of oversight.

6. Technology Infrastructure: A Core MAS Supervisory Focus

MAS explicitly links operational resilience to technology.

Minimum Technology Expectations

• Portfolio Management System (PMS)
• Multi-custodian data aggregation
• Automated reconciliation
• Risk & exposure analytics
• AML/KYC onboarding platform
• Compliance monitoring tools
• Secure document management system
• Investor reporting & communications
• Fee and expense calculation engine
• Cybersecurity controls & access management

Spreadsheets alone are not acceptable for regulated operations.

7. IT Governance, Cybersecurity & Business Continuity

MAS places strong emphasis on technology risk management.

Operational Readiness Requires

• IT governance framework
• Defined system ownership
• Access controls and segregation
• Data encryption & secure storage
• Backup and disaster recovery testing
• Cyber incident response plan
• Vendor and outsourcing risk assessments

Why This Matters

Technology incidents must be reported to MAS promptly and transparently.

8. Investor Reporting & Transparency

MAS-regulated firms must ensure investors receive:

• Clear, fair and timely reporting
• Portfolio valuations
• Performance metrics
• Fee and cost disclosures
• Risk disclosures

Digital portals are increasingly expected, especially by institutional investors.

9. The MAS Operational Readiness Checklist

Risk

• Risk framework live
• Ongoing monitoring
• Stress testing in place

Portfolio

• PMS deployed
• Data aggregation & reconciliation active

Reporting

• Regulatory reporting workflows tested
• Financial and risk reporting templates ready

AML & Compliance

• Digital onboarding live
• Monitoring and escalation workflows active

Governance

• Board oversight routines established
• Compliance & risk reporting cadence set

Technology

• Secure, auditable systems
• IT governance and DR tested

This checklist represents MAS’s practical definition of readiness.

10. Why MAS-Regulated Firms Choose Reluna

Reluna supports MAS-regulated managers with a single, integrated operating platform.

Reluna provides

• Digital investor onboarding & AML/KYC
• Portfolio & fund management system
• Multi-custodian data aggregation
• Reconciliation engine
• Risk & exposure dashboards
• Compliance monitoring workflows
• Document vault with audit trails
• Fee & performance engine
• Investor reporting & white-label portal
• Multi-entity and multi-fund support

Key Benefits

• Faster post-license go-live
• Lower operational and compliance risk
• Clean, reconciled data for MAS reviews
• Strong governance evidence
• Scalable from RFMC → LFMC

Reluna enables MAS-regulated managers to operate at institutional standards from day one.

11. Next Steps

If you have recently obtained MAS approval—or expect it soon—now is the time to complete operational readiness and prepare for supervisory engagement.

👉 Request a Reluna demo to see how we help MAS-regulated fund managers achieve full operational readiness across risk, reporting, and technology.