ISO 31000
International guidelines for enterprise risk management framework
MAS TRM
Singapore guidelines for financial technology risk management
Quick Verdict
ISO 31000 offers universal risk management principles for all organizations globally, while MAS TRM mandates technology/cyber controls for Singapore FIs. Companies adopt ISO 31000 for strategic resilience; MAS TRM to meet supervisory enforcement and avoid fines.
ISO 31000
ISO 31000:2018 Risk management — Guidelines
Key Features
- Defines risk as effect of uncertainty on objectives
- Eight principles emphasize integration and customization
- Framework requires leadership commitment and governance
- Iterative process for identification, analysis, treatment
- Non-certifiable guidelines adaptable to any organization
MAS TRM
Technology Risk Management Guidelines (January 2021)
Key Features
- Board and senior management accountability
- Proportional risk-based implementation
- Third-party service risk management
- Defence-in-depth cyber resilience
- Annual penetration testing requirement
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 31000 Details
What It Is
ISO 31000:2018 Risk management — Guidelines is a principles-based international framework providing guidance on managing risk systematically. Its primary purpose is to help organizations identify, analyze, evaluate, treat, monitor, and review risks to create and protect value. The approach is flexible, iterative, and sector-agnostic, defining risk as the effect of uncertainty on objectives.
Key Components
- **Three pillarseight principles (e.g., integrated, customized, continual improvement), framework (leadership, integration, design, evaluation), and process (communication, assessment, treatment, monitoring).
- No fixed controls; emphasizes tailored implementation.
- Built on PDCA cycle for continual improvement.
- Non-certifiable; relies on internal governance and audits.
Why Organizations Use It
Adoption drives strategic resilience, better decisions, and stakeholder trust. Benefits include operational efficiency, reduced losses, and opportunity capture. Though voluntary, it aligns with regulations, lowers insurance costs, and enhances reputation across industries.
Implementation Overview
Phased approach: diagnose gaps, design policy/framework, deploy processes/tools, operate with monitoring. Applicable to all sizes/sectors; focuses on integration into strategy/operations without certification.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (revised January 2021) are supervisory guidance issued by the Monetary Authority of Singapore for financial institutions. They provide a principles-based framework for governing technology and cyber risks, emphasizing proportional implementation based on risk profile, complexity, and criticality to ensure confidentiality, integrity, and availability (CIA) of systems and data.
Key Components
- 15 main sections covering governance, risk frameworks, secure development, IT operations, resilience, access controls, cryptography, cyber defense, assessments, and audit.
- Synthesized into 12 core principles like board accountability, asset management, third-party oversight, and layered defenses.
- No fixed controls; focuses on outcomes with independent assurance.
Why Organizations Use It
- Mandatory supervisory consideration for Singapore FIs to avoid fines, enforcement.
- Enhances resilience, reduces cyber incidents, builds trust.
- Supports digital transformation securely.
Implementation Overview
- Risk-based: inventory assets, assess risks, design controls, test resilience.
- Applies to all MAS-supervised FIs; scalable by size.
- No certification; demonstrated via audits, board reporting. (178 words)
Key Differences
| Aspect | ISO 31000 | MAS TRM |
|---|---|---|
| Scope | Enterprise-wide risk principles, framework, process | Technology/cyber risk governance, controls, resilience |
| Industry | All sectors worldwide, any organization size | Singapore financial institutions only |
| Nature | Voluntary non-certifiable guidelines | Supervisory guidance with enforcement consideration |
| Testing | Internal audits, continual improvement reviews | Annual pen testing, vulnerability assessments, DR tests |
| Penalties | No formal penalties, reputational/insurance impacts | Fines, license actions, executive prohibitions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 31000 and MAS TRM
ISO 31000 FAQ
MAS TRM FAQ
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