ISO 9001
International standard for quality management systems
MAS TRM
Singapore guidelines for financial technology risk management
Quick Verdict
ISO 9001 provides voluntary QMS certification for global quality excellence, while MAS TRM offers supervisory tech risk guidelines for Singapore FIs. Organizations adopt ISO 9001 for customer trust and efficiency; MAS TRM ensures cyber resilience and regulatory compliance.
ISO 9001
ISO 9001:2015 Quality management systems
Key Features
- Risk-based thinking integrated throughout QMS
- PDCA cycle for continual improvement
- Seven quality management principles foundation
- High-Level Structure for standards integration
- Process approach applicable all organizations
MAS TRM
Technology Risk Management Guidelines (January 2021)
Key Features
- Board and senior management accountability for oversight
- Proportional controls based on asset criticality
- Comprehensive TRM framework with risk lifecycle
- Third-party risk assessment and ongoing monitoring
- Annual penetration testing for internet-facing systems
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 9001 Details
What It Is
ISO 9001:2015 is the international certification standard for quality management systems (QMS). It defines requirements for organizations to consistently meet customer and regulatory needs through a process-based, risk-oriented framework using the PDCA cycle.
Key Components
- 10 clauses (4-10 auditable): context, leadership, planning, support, operation, evaluation, improvement.
- Built on **7 Quality Management Principlescustomer focus, leadership, engagement, process approach, improvement, evidence-based decisions, relationships.
- High-Level Structure (Annex SL) enables integration with other ISO standards.
- Voluntary third-party certification with audits.
Why Organizations Use It
- Enhances customer satisfaction, efficiency, risk management.
- Boosts market access, reputation, compliance.
- Drives cost savings, continual improvement.
- Builds stakeholder trust via 1M+ global certifications.
Implementation Overview
- Gap analysis, process mapping, training, internal audits.
- 6-12 months typical; scalable to any size/sector.
- Certification via accredited bodies, ongoing surveillance.
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 for financial institutions. They provide principles-based guidance on managing 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 sections covering governance, risk frameworks, secure development, IT service management, resilience, access controls, cryptography, cyber operations, assessments, and audit.
- Synthesised 12 core principles like board accountability, asset inventory, third-party oversight.
- Defence-in-depth approach with no fixed control count; compliance via supervisory review.
Why Organizations Use It
- Meets MAS supervisory expectations to avoid fines/enforcement.
- Enhances cyber resilience, operational stability, and customer trust.
- Supports digital transformation with secure-by-design practices.
- Builds competitive edge through robust risk management.
Implementation Overview
- Risk-based rollout: asset inventory, governance setup, control mapping, testing.
- Applies to all MAS-supervised FIs; scalable by size/complexity.
- No formal certification; evidenced via audits, metrics, board reporting. (178 words)
Key Differences
| Aspect | ISO 9001 | MAS TRM |
|---|---|---|
| Scope | Quality management systems, processes, continual improvement | Technology/cyber risks, IT resilience, financial institutions |
| Industry | All industries worldwide, any organization size | Singapore financial institutions, banks/insurers |
| Nature | Voluntary global certification standard | Supervisory guidelines, proportionate enforcement |
| Testing | Internal audits, management reviews, certification audits | Penetration testing, vulnerability assessments, DR tests |
| Penalties | Loss of certification, market disadvantages | Fines, license revocation, enforcement actions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 9001 and MAS TRM
ISO 9001 FAQ
MAS TRM FAQ
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