[Current timeline of this case study is Dec 2020]

You have been hired as the Technology Risk Manager for the new exciting fintech GetWealth. GetWealth is a MAS-licensed financial institution headquartered in Singapore, and with operations in Malaysia and Hong Kong. Its purpose is to match customers with financial services operations such as those provided by banks, insurance companies, asset management companies, etc., as a free service by understanding customer investment needs and financial profile. Its business model comprises the following revenue lines 1. Commission from sales, 2. Introducer fees, 3. Loyalty and advertising revenues. GetWealth is available on Apple Store and Play Store as a downloadable mobile app. GetWealth operates its app on the AWS cloud services, and uses AI (outsourced to another leading AI provider) to analyse customers profile and answers to questions in order to match the most appropriate recommendations to the customers. It does not provide any transaction services. After a match, the provider will contact the customer directly and all transactions are handled by the provider on their platform.

Question 1 Top risk areas for GetWealth Given GetWealths business model and operating setup, illustrate and discuss the key (top five (5)) technology risks areas that it needs to get right. (20 marks)

Question 2 Setting up the TRM governance and controls framework Adopt the perspective of the Technology Risk Manager (TRM) and design an approach to ensure that GetWealth governance and controls will be conformant to the regulations across all three (3) jurisdictions mentioned. (20 marks)