ISO 22301
International standard for business continuity management systems
MAS TRM
Singapore guidelines for technology risk management in finance
Quick Verdict
ISO 22301 provides global BCMS certification for business continuity resilience across industries, while MAS TRM enforces technology risk guidelines for Singapore FIs with cyber focus. Organizations adopt ISO for universal resilience, MAS TRM for regulatory compliance.
ISO 22301
ISO 22301:2019 Business continuity management systems — Requirements
Key Features
- PDCA cycle for continual BCMS improvement
- Mandates Business Impact Analysis for priorities
- Requires risk assessments and recovery strategies
- Demands top management leadership commitment
- Aligns with Annex SL for standards integration
MAS TRM
MAS Technology Risk Management Guidelines (2021)
Key Features
- Board and senior management accountability
- Proportionality based on risk and complexity
- Third-party risk management requirements
- Defense-in-depth cyber controls
- Annual penetration testing for internet systems
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 22301 Details
What It Is
ISO 22301:2019 Business continuity management systems — Requirements is an international certification standard for establishing a Business Continuity Management System (BCMS). It provides a framework to protect against disruptions, reduce risks, and ensure recovery of critical operations using a PDCA (Plan-Do-Check-Act) cycle and Annex SL high-level structure.
Key Components
- 10 clauses, with 4-10 forming PDCA core: context, leadership, planning, support, operation, evaluation, improvement.
- Core elements: Business Impact Analysis (BIA), risk assessment, recovery strategies, testing.
- Built on flexibility without prescriptive controls; 3-year certification with annual surveillance audits.
Why Organizations Use It
- Builds resilience against cyberattacks, disasters, supply failures; reduces downtime and losses.
- Meets regulations like EU NIS Directive; enhances compliance and insurance savings.
- Boosts stakeholder trust, reputation, competitive procurement advantages; 82.9% certification growth post-COVID.
Implementation Overview
- Gap analysis, BIA, training, testing, audits; tools like GlobalSuite accelerate.
- Suits all sizes/sectors globally; 60-day plans possible, 6-8 week certification.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (revised January 2021) are supervisory guidelines issued by the Monetary Authority of Singapore (MAS) for financial institutions (FIs). They provide principles-based guidance on managing technology and cyber risks, emphasizing governance, controls, and resilience to protect confidentiality, integrity, and availability (CIA). The approach is risk-based and proportional to FI size, complexity, and services.
Key Components
- 15 sections covering governance, risk frameworks, secure development, IT operations, resilience, access controls, cryptography, cyber defense, assessments, and audits.
- Synthesized 12 core principles like board accountability, asset inventories, third-party oversight, and defense-in-depth.
- No fixed controls; focuses on outcomes with independent assurance.
- Compliance via supervisory review, not formal certification.
Why Organizations Use It
- Meets MAS supervisory expectations to avoid fines/enforcement.
- Enhances cyber resilience and operational stability.
- Builds trust with regulators, customers, and partners.
- Enables secure digital transformation.
Implementation Overview
- Phased: governance setup, asset inventory, controls, testing, monitoring.
- Applies to all MAS-supervised FIs; scalable by risk.
- Involves policies, training, audits; 12-24 months typical.
Key Differences
| Aspect | ISO 22301 | MAS TRM |
|---|---|---|
| Scope | Business continuity management systems (BCMS) | Technology and cyber risk management in finance |
| Industry | All sectors, global applicability | Financial institutions in Singapore |
| Nature | Voluntary international certification standard | Supervisory guidelines with enforcement consideration |
| Testing | BIA, recovery strategy testing, audits | Annual PT for internet systems, VA, cyber exercises |
| Penalties | Loss of certification, no legal penalties | Fines, license actions, supervisory enforcement |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 22301 and MAS TRM
ISO 22301 FAQ
MAS TRM FAQ
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