ISO 56002
International guidance standard for innovation management systems
MAS TRM
Singapore guidelines for financial technology risk management.
Quick Verdict
ISO 56002 provides voluntary guidance for innovation management systems across all organizations globally, while MAS TRM enforces supervisory technology risk controls for Singapore financial institutions. Companies adopt ISO 56002 for capability building; MAS TRM to meet regulatory compliance and avoid fines.
ISO 56002
ISO 56002:2019 Innovation management system guidance
Key Features
- HLS-aligned PDCA framework for IMS
- Emphasizes top management leadership commitment
- End-to-end innovation processes guidance
- Tool-agnostic, adaptable across organizations
- Portfolio governance and uncertainty management
MAS TRM
Technology Risk Management Guidelines (January 2021)
Key Features
- Board and senior management accountability for oversight
- Proportional controls based on risk and criticality
- Third-party risk assessment and ongoing monitoring
- Defence-in-depth cyber resilience requirements
- Annual penetration testing for internet-facing systems
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 56002 Details
What It Is
ISO 56002:2019 is an international guidance standard for establishing, implementing, maintaining, and improving an Innovation Management System (IMS). It provides a generic framework applicable to all organization types, sizes, and sectors, using a PDCA cycle and High-Level Structure (HLS) aligned with other ISO management standards.
Key Components
- Seven core clauses (4-10): context, leadership, planning, support, operation, performance evaluation, improvement.
- Eight principles: value realization, leadership, strategic direction, culture, portfolio thinking, uncertainty management, learning, stakeholder engagement.
- Tool-agnostic; no prescriptive requirements, focuses on governance and processes from opportunity identification to deployment.
- Conformity via self-assessment or third-party audits, not formal certification.
Why Organizations Use It
- Drives systematic innovation for competitive advantage and value creation.
- Improves portfolio governance, reduces 'zombie projects,' manages uncertainty.
- Enhances stakeholder trust, integrates with ISO 9001/27001 for efficiency.
- No legal mandate, but builds resilience, agility, and measurable outcomes.
Implementation Overview
- Phased approach: diagnosis, design, pilot, scale, sustain.
- Involves leadership policy, resource allocation, KPIs, audits.
- Suited for established organizations; scalable for SMEs via staging.
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 to ensure confidentiality, integrity, and availability (CIA) of systems and data. The risk-based approach emphasizes proportionality to FI size, complexity, and risk profile.
Key Components
- 15 sections covering governance, risk frameworks, secure development, IT operations, resilience, access controls, cryptography, cyber defense, assessments, and audit.
- Synthesised 12 core principles like board accountability, asset inventories, third-party oversight, and defence-in-depth.
- No fixed controls; focuses on outcomes with continuous improvement.
- Compliance via supervisory review, no formal certification.
Why Organizations Use It
- Meets MAS supervisory expectations to avoid fines/enforcement.
- Enhances resilience against cyber threats and digital risks.
- Builds board oversight, operational discipline, and stakeholder trust.
- Enables secure innovation in digital finance.
Implementation Overview
- Phased: governance setup, asset inventory, control design, testing, monitoring.
- Applies to all MAS-supervised FIs; scalable by risk.
- Involves policies, training, audits; 12-24 months typical.
Key Differences
| Aspect | ISO 56002 | MAS TRM |
|---|---|---|
| Scope | Innovation management systems across organizations | Technology and cyber risks in financial institutions |
| Industry | All sectors, global, any organization size | Singapore financial services, regulated FIs |
| Nature | Voluntary guidance, non-certifiable | Supervisory guidelines, enforceable observance |
| Testing | Internal audits, management reviews, no mandates | Annual PT for internet systems, VA, DR tests |
| Penalties | No formal penalties, internal consequences | Fines, license actions, supervisory enforcement |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 56002 and MAS TRM
ISO 56002 FAQ
MAS TRM FAQ
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