ISO 55001
International standard for asset management systems
MAS TRM
Singapore guidelines for financial technology risk management
Quick Verdict
ISO 55001 provides voluntary AMS certification for global asset-intensive firms, enabling lifecycle value optimization. MAS TRM mandates technology risk controls for Singapore FIs, ensuring cyber resilience via governance and testing to avoid fines.
ISO 55001
ISO 55001:2024 Asset management — Management systems — Requirements
Key Features
- Strategic Asset Management Plan (SAMP) aligns strategy to operations
- Annex SL structure integrates with other ISO management systems
- PDCA cycle drives continual asset performance improvement
- Formal decision-making framework optimizes asset value trade-offs
- Risk-opportunity planning balances cost, performance across lifecycle
MAS TRM
Technology Risk Management Guidelines (January 2021)
Key Features
- Board and senior management accountability
- Proportional risk-based implementation
- Third-party service risk management
- Annual penetration testing for internet systems
- Comprehensive cyber resilience lifecycle
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 55001 Details
What It Is
ISO 55001:2024 is an international certification standard specifying requirements for an Asset Management System (AMS). It enables organizations to realize value from assets across lifecycles by connecting decisions to objectives, using a risk-based, PDCA management system approach aligned with Annex SL.
Key Components
- Clauses 4-10 cover context, leadership, planning, support, operation, performance evaluation, improvement.
- 72 'shall' requirements, including SAMP, decision-making framework, outsourcing controls.
- Built on ISO 55000 principles; supports certification via audits.
Why Organizations Use It
- Optimizes cost, risk, performance in asset-intensive sectors (utilities, infrastructure).
- Meets regulatory/contractual needs; builds stakeholder trust.
- Drives resilience, continual improvement, competitive differentiation.
Implementation Overview
- Phased: gap analysis, SAMP development, process integration, training.
- Applies to all sizes/industries; 12-24 months typical.
- Optional third-party certification with surveillance audits.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (revised January 2021) are supervisory guidance from Singapore's Monetary Authority for financial institutions. Primary purpose: promote robust technology risk governance and cyber resilience to protect confidentiality, integrity, and availability (CIA). Risk-based, proportional approach scales to FI complexity.
Key Components
- 15 sections covering governance, risk frameworks, SDLC, IT service management, resilience, access controls, cryptography, cyber operations, assessments.
- Synthesised 12 core principles (e.g., board accountability, asset inventory, third-party oversight).
- Defence-in-depth; no fixed controls count; continuous improvement model.
Why Organizations Use It
- Mandatory supervisory consideration by MAS; non-observance risks fines/enforcement.
- Enhances resilience, reduces cyber/incident risks, builds trust.
- Enables digital innovation securely; board-level risk appetite alignment.
Implementation Overview
- Phased: governance, asset inventory, controls, testing, monitoring.
- Targets MAS-supervised FIs (banks, insurers); all sizes, Singapore-focused.
- No certification; internal audit, MAS supervision assess observance. (178 words)
Key Differences
| Aspect | ISO 55001 | MAS TRM |
|---|---|---|
| Scope | Asset Management Systems lifecycle governance | Technology & cyber risk in financial services |
| Industry | Asset-intensive sectors globally | Singapore financial institutions only |
| Nature | Voluntary certification standard | Supervisory guidelines with enforcement |
| Testing | Internal audits, management reviews | Annual pen tests, vulnerability assessments |
| Penalties | Loss of certification | Fines, license revocation, prohibitions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 55001 and MAS TRM
ISO 55001 FAQ
MAS TRM FAQ
You Might also be Interested in These Articles...
The SOC Maturity Roadmap: A 5-Step Blueprint for Scaling from Ad-Hoc to Optimized Operations
Unlock SOC excellence with our 5-step maturity roadmap. Compare SOC-CMM, NIST CSF, and CMMC frameworks to scale from ad-hoc to automated operations. Start your
NIST CSF 2.0 Plain English Decoder: Translating Govern, Supply Chain, and Core Functions from Jargon to Actionable Insights
Demystify NIST CSF 2.0 jargon with plain English tables for Govern, Supply Chain & Core Functions. Actionable steps for risk oversight & vendor management. Empo
NIST 800-53 Private Sector ROI Reality Check: Isolating Control Family Impacts on 2024 Breach Costs
Discover NIST 800-53 ROI in private sector: control families like RA, SI, SR reduce median breach costs from $100K to under $50K. Get benchmarks to prioritize i
Run Maturity Assessments with GRADUM
Transform your compliance journey with our AI-powered assessment platform
Assess your organization's maturity across multiple standards and regulations including ISO 27001, DORA, NIS2, NIST, GDPR, and hundreds more. Get actionable insights and track your progress with collaborative, AI-powered evaluations.
Check out these other Gradum.io Standards Comparison Pages
AS9120B vs MLPS 2.0 (Multi-Level Protection Scheme)
AS9120B vs MLPS 2.0: Compare aerospace distributor QMS with China's cybersecurity scheme. Master key differences for compliance, risk mgmt & global ops. Dive in!
ISO 37301 vs POPIA
Compare ISO 37301 certifiable CMS vs POPIA privacy law: leadership, risk planning, security & rights. Align for integrated compliance & UN SDGs. Optimize now!
K-PIPA vs PDPA
K-PIPA vs PDPA: Compare Korea's strict consent rules, CPO mandates & 72h breaches with Singapore/Thailand's flexible principles. Key insights for Asia compliance. Dive in!