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SLA In Banking
"I need a Banking SLA for our Singapore-based retail bank to engage a cloud service provider for our core banking system, ensuring compliance with MAS guidelines and including strict data protection measures with 99.99% uptime requirements."
1. Parties: Identification of the service provider and the banking institution
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement including technical, operational, and regulatory terms
4. Service Levels: Detailed description of service levels, metrics, and measurement methods in accordance with MAS guidelines
5. Performance Monitoring: Methods and frequency of monitoring service levels, reporting requirements, and review procedures
6. Security Requirements: Security standards, protocols, and compliance requirements as per MAS Technology Risk Management Guidelines
7. Data Protection: Requirements for handling and protecting customer data in compliance with PDPA and Banking Act
8. Breach and Remedies: Consequences of failing to meet service levels and remediation procedures
1. Disaster Recovery: Specific disaster recovery procedures and business continuity requirements for critical banking systems
2. Third-Party Subcontractors: Rules and compliance requirements for engaging subcontractors in line with MAS outsourcing guidelines
3. Cross-Border Requirements: Additional requirements for cross-border services and international data transfers
1. Schedule 1 - Service Level Metrics: Detailed technical specifications of service levels and performance indicators
2. Schedule 2 - Pricing and Penalties: Detailed fee structure and penalty calculations for service level breaches
3. Schedule 3 - Security Protocols: Detailed security requirements and procedures aligned with MAS security standards
4. Schedule 4 - Reporting Templates: Standard formats for performance reporting and compliance documentation
5. Schedule 5 - Escalation Matrix: Contact details and procedures for issue escalation and emergency response
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