IFS Food
GFSI standard for food safety and quality compliance
MAS TRM
Singapore guidelines for financial technology risk management
Quick Verdict
IFS Food ensures safe food manufacturing via GFSI audits for global retailers, while MAS TRM mandates cyber resilience governance for Singapore FIs. Food firms adopt IFS for market access; banks use TRM to avoid fines and outages.
IFS Food
IFS Food Standard Version 8
Key Features
- Product and Process Approach with traceability tests
- Minimum 50% audit time in production areas
- Annual full audits with unannounced option
- Risk-based HACCP and operational controls
- 10 Knock-Out requirements for certification
MAS TRM
MAS Technology Risk Management Guidelines
Key Features
- Board and senior management accountability
- Risk-based proportional controls
- Third-party risk management requirements
- Annual penetration testing for internet systems
- Defence-in-depth cyber resilience
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
IFS Food Details
What It Is
IFS Food Version 8 is a GFSI-benchmarked certification standard for auditing product and process compliance in food manufacturing. It focuses on food safety, quality, legality, authenticity, and customer requirements using a risk-based Product and Process Approach (PPA).
Key Components
- Organized into governance, HACCP/PRPs, operational controls (e.g., allergens, fraud, defense), and performance monitoring.
- Over 200 checklist requirements with 10 Knock-Out (KO) criteria.
- Built on HACCP principles, prerequisite programs, and annual audits.
- Scoring system (A/B/C/D) with Higher/Foundation levels.
Why Organizations Use It
- Enables market access for European retailers and private labels.
- Reduces duplicate audits, enhances supply chain trust.
- Manages risks like recalls, fraud, and contamination.
- Builds competitive edge via Star status from unannounced audits.
Implementation Overview
- Phased: gap analysis, FSMS design, training, validation, certification audit.
- Applies to food processors/packers globally, site-specific.
- Requires accredited certification bodies, annual recertification, minimum 50% on-site audit time. (178 words)
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (January 2021) are supervisory guidelines issued by Singapore's Monetary Authority of Singapore (MAS) for financial institutions. This risk-based framework promotes sound practices for managing technology and cyber risks, emphasizing governance, resilience, and defence-in-depth across IT operations.
Key Components
- Covers 15 sections: governance, asset management, SDLC, IT service management, resilience, access control, cryptography, cyber operations, testing, and audit.
- No fixed controls; proportional to risk/complexity.
- Core principles: board accountability, CIA triad (confidentiality, integrity, availability), continuous improvement.
- Compliance via supervisory review, no formal certification.
Why Organizations Use It
- Mandatory for MAS-regulated FIs to avoid fines, license issues.
- Enhances resilience, reduces cyber incidents, builds trust.
- Supports digital transformation while mitigating systemic risks.
Implementation Overview
- Phased: governance setup, asset inventory, control deployment, testing.
- Targets banks, insurers, fintechs in Singapore.
- Involves audits, board reporting; scalable by FI size.
Key Differences
| Aspect | IFS Food | MAS TRM |
|---|---|---|
| Scope | Food manufacturing processes, safety, quality, fraud/defense | Financial IT/cyber risk governance, resilience, third-party |
| Industry | Global food manufacturers, retailers (GFSI) | Singapore financial institutions (banks, insurers) |
| Nature | GFSI-benchmarked certification, annual audits | Supervisory guidelines, proportional enforcement |
| Testing | On-site PPA audits, traceability tests, 50% production time | Annual PT internet systems, VA, red-team exercises |
| Penalties | Certification denial, KO failures block issuance | Fines, license revocation, executive prohibitions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about IFS Food and MAS TRM
IFS Food FAQ
MAS TRM FAQ
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