ISO 26000
International guidance for social responsibility integration
MAS TRM
Singapore guidelines for technology risk management in finance
Quick Verdict
ISO 26000 offers voluntary social responsibility guidance for all organizations globally, emphasizing principles and stakeholder engagement. MAS TRM mandates technology risk controls for Singapore FIs, focusing on cyber resilience and governance to meet supervisory expectations.
ISO 26000
ISO 26000:2010 Guidance on social responsibility
Key Features
- Non-certifiable guidance explicitly rejecting certification
- Seven principles underpinning all SR decisions
- Seven interconnected core subjects holistically applied
- Stakeholder engagement drives prioritization and relevance
- Integrates with management systems like ISO 14001
MAS TRM
MAS Technology Risk Management Guidelines
Key Features
- Board and senior management accountability
- Risk-proportional implementation approach
- Comprehensive IT lifecycle controls
- Third-party risk management integration
- Annual penetration testing for internet systems
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 26000 Details
What It Is
ISO 26000:2010 is a voluntary international guidance standard on social responsibility (SR), applicable to all organizations regardless of size, type or location. Unlike certifiable standards like ISO 14001, it provides non-prescriptive principles and practices for integrating SR into governance and operations, using a stakeholder-informed, holistic approach.
Key Components
- **Seven principlesAccountability, transparency, ethical behavior, respect for stakeholder interests, rule of law, international norms, human rights.
- **Seven core subjectsOrganizational governance, human rights, labor practices, environment, fair operating practices, consumer issues, community involvement.
- Built on multi-stakeholder consensus; no requirements or certification model—credibility via transparency and reporting.
Why Organizations Use It
Enhances sustainability commitment, risk management (e.g., supply chain due diligence), alignment with SDGs/OECD/GRI, stakeholder trust, and resilience without certification burdens. Drives strategic benefits like talent retention and market access.
Implementation Overview
Phased approach: materiality assessment, stakeholder engagement, policy integration into management systems, training, KPIs, transparent reporting. Suited for all sectors/geographies; uses PDCA for continuous improvement, supported by ISO tools like Communication Protocol.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (January 2021) are supervisory guidelines from Singapore's Monetary Authority for financial institutions (FIs). They establish a risk-based framework for governing technology and cyber risks, emphasizing proportionality to FI size, complexity, and exposure.
Key Components
- 15 sections spanning governance, asset inventories, risk assessment, secure SDLC, IT service management, resilience, access controls, cryptography, cyber operations, testing, and audit.
- Core principles: board accountability, defence-in-depth, continuous monitoring/improvement.
- No certification; compliance via supervisory review and enforcement.
Why Organizations Use It
- Mandatory for MAS-regulated FIs (banks, insurers, fintechs) to avoid fines, license actions.
- Builds resilience, reduces systemic risks, supports digital transformation.
- Enhances trust, operational stability, ERM integration.
Implementation Overview
- Phased: establish governance, inventory assets, assess risks, deploy controls, test resilience.
- Targets Singapore FIs; scalable by risk profile.
- Requires board-approved strategy, independent functions, metrics reporting.
Key Differences
| Aspect | ISO 26000 | MAS TRM |
|---|---|---|
| Scope | Social responsibility core subjects, principles, governance | Technology/cyber risk governance, controls, resilience |
| Industry | All organizations, all sectors globally | Singapore financial institutions only |
| Nature | Voluntary non-certifiable guidance | Supervisory guidelines with enforcement |
| Testing | Self-assessment, stakeholder engagement, reporting | Penetration testing, vulnerability scans, DR tests |
| Penalties | No formal penalties, reputational risks | Fines, license actions, enforcement |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 26000 and MAS TRM
ISO 26000 FAQ
MAS TRM FAQ
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