ISO 45001
International standard for occupational health and safety management
MAS TRM
Singapore guidelines for financial technology risk management
Quick Verdict
ISO 45001 provides global OH&S management for all industries, while MAS TRM enforces technology risk controls for Singapore FIs. Companies adopt ISO 45001 for safety certification and integration; MAS TRM to meet supervisory expectations and avoid fines.
ISO 45001
ISO 45001:2018 Occupational Health and Safety Management Systems
Key Features
- Top management accountability and worker participation
- Annex SL alignment for integrated management systems
- Hierarchy of controls prioritizing hazard elimination
- Risk-based planning addressing risks and opportunities
- PDCA cycle for continual improvement
MAS TRM
MAS Technology Risk Management Guidelines 2021
Key Features
- Board and senior management accountability
- Proportionality based on risk and complexity
- Third-party and supply chain oversight
- Cyber resilience with annual penetration testing
- Integrated ERM and risk register requirements
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 45001 Details
What It Is
ISO 45001:2018 is the international standard for Occupational Health and Safety Management Systems (OHSMS). It provides a framework to prevent work-related injuries and ill health, improve OH&S performance proactively. Built on Annex SL High-Level Structure (HLS) and PDCA cycle, it uses a risk-based approach.
Key Components
- Clauses 4-10: context, leadership/worker participation, planning, support, operation, performance evaluation, improvement.
- Emphasizes hierarchy of controls, worker consultation, change management, contractor controls.
- No fixed controls; scalable requirements with documented information.
- Voluntary certification via accredited bodies.
Why Organizations Use It
- Reduces incidents, legal risks, insurance costs.
- Enhances resilience, reputation, talent retention.
- Enables IMS integration with ISO 9001/14001.
- Meets stakeholder/supply-chain expectations; drives continual improvement.
Implementation Overview
- Phased: gap analysis, policy/objectives, controls, audits, certification.
- Applies to all sizes/sectors; 6-12 months typical.
- Involves leadership commitment, training, audits.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (January 2021) are supervisory guidelines from the Monetary Authority of Singapore for financial institutions. This risk-based framework promotes robust governance and cyber resilience, covering technology risks across governance, operations, cybersecurity, and third-party management to ensure confidentiality, integrity, and availability.
Key Components
- 15 core sections on governance, asset management, SDLC, IT services, resilience, access controls, cryptography, data security, cyber operations, testing, and audit.
- Emphasizes board accountability, proportionality, defence-in-depth, and continuous improvement.
- No fixed controls; compliance via supervisory review, not certification.
Why Organizations Use It
- Mandatory for MAS-regulated FIs to avoid fines, license actions.
- Enhances operational resilience, reduces cyber threats, integrates with ERM.
- Builds stakeholder trust, enables digital innovation safely.
Implementation Overview
- Phased: governance setup, asset inventory, risk assessment, control deployment, testing.
- Targets banks, insurers, fintechs in Singapore; scales by size/risk.
- Requires board-approved strategy, independent assurance; no formal certification.
Key Differences
| Aspect | ISO 45001 | MAS TRM |
|---|---|---|
| Scope | Occupational health & safety management systems | Technology & cyber risk in financial services |
| Industry | All industries worldwide, scalable | Singapore financial institutions only |
| Nature | Voluntary international certification standard | Supervisory guidelines with enforcement |
| Testing | Internal audits, management reviews annually | Annual pen tests, vulnerability scans, exercises |
| Penalties | Loss of certification, no legal fines | Fines, license actions, enforcement orders |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 45001 and MAS TRM
ISO 45001 FAQ
MAS TRM FAQ
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