ISO/IEC 42001:2023
International standard for AI management systems
MAS TRM
Singapore guidelines for financial technology risk management.
Quick Verdict
ISO/IEC 42001:2023 provides voluntary global AI governance certification for all organizations, while MAS TRM enforces technology risk management for Singapore FIs via supervisory scrutiny. Companies adopt 42001 for trust and compliance; TRM to avoid fines and ensure resilience.
ISO/IEC 42001:2023
ISO/IEC 42001:2023 Artificial Intelligence Management System
Key Features
- PDCA methodology for AI lifecycle governance
- Mandatory AI Impact Assessments for high-risk systems
- Annex A 38 AI-specific controls
- High-Level Structure integrates with ISO MSS
- Risk-opportunity balance across AI roles
MAS TRM
MAS Technology Risk Management Guidelines
Key Features
- Board and senior management accountability for oversight
- Proportional controls based on asset criticality
- Third-party risk assessment and ongoing monitoring
- Annual penetration testing for internet-facing systems
- Comprehensive TRM framework with risk lifecycle
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO/IEC 42001:2023 Details
What It Is
ISO/IEC 42001:2023 is the world's first international standard for Artificial Intelligence Management Systems (AIMS). It provides requirements to establish, implement, maintain, and improve AIMS using a risk-based PDCA (Plan-Do-Check-Act) methodology, applicable to any organization developing, providing, or using AI.
Key Components
- Clauses 4-10 cover context, leadership, planning, support, operation, evaluation, and improvement.
- Annex A lists 38 AI-specific controls for risks like bias, transparency, and resiliency.
- Built on High-Level Structure (HLS/Annex SL) for ISO interoperability.
- Optional certification via accredited third-party audits, with 3-year validity and surveillance.
Why Organizations Use It
Drives ethical AI, regulatory alignment (e.g., EU AI Act), risk mitigation, and innovation. Enhances trust, reputation, procurement advantages, and insurance savings. Supports UN SDGs and competitive differentiation.
Implementation Overview
Phased gap analysis, AIIAs, training, and tools like ISMS.online. Suited for all sizes/sectors; 6-12 months typical with existing ISO systems. Requires leadership, documented processes, and continual monitoring.
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 (MAS) for financial institutions. They provide a principles-based framework focused on managing technology and cyber risks to ensure confidentiality, integrity, and availability (CIA) of systems and data. The approach emphasizes proportionality based on risk profile, complexity, and service criticality.
Key Components
- Covers 15 sections including governance, risk frameworks, secure development, IT service management, resilience, access controls, cryptography, cyber operations, and audits.
- Synthesizes 12 core principles like board accountability, asset classification, third-party oversight, and defence-in-depth.
- No fixed controls; relies on policies, standards, and continuous improvement with independent assurance.
Why Organizations Use It
- Meets MAS supervisory expectations to avoid fines and enforcement.
- Enhances cyber resilience, operational stability, and customer trust.
- Supports digital transformation while mitigating ecosystem risks.
- Builds competitive edge through robust governance and metrics.
Implementation Overview
- **Risk-based rolloutInventory assets, assess risks, design controls, test resilience.
- Applies to all MAS-supervised FIs; scalable by size.
- No formal certification; demonstrated via audits, metrics, and board reporting. (178 words)
Key Differences
| Aspect | ISO/IEC 42001:2023 | MAS TRM |
|---|---|---|
| Scope | AI Management Systems (AIMS) lifecycle governance | Technology/cyber risk across financial operations |
| Industry | All sectors worldwide, any organization size | Singapore financial institutions only |
| Nature | Voluntary international certification standard | Supervisory guidelines with enforcement consideration |
| Testing | Third-party audits for certification, AIIAs | Annual PT for internet systems, VA, DR tests |
| Penalties | Loss of certification, no legal penalties | Fines, license revocation, executive prohibitions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO/IEC 42001:2023 and MAS TRM
ISO/IEC 42001:2023 FAQ
MAS TRM FAQ
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