ITIL
Best-practices framework for IT service management
MAS TRM
Singapore guidelines for financial technology risk management
Quick Verdict
ITIL provides flexible ITSM best practices globally for IT organizations, while MAS TRM enforces technology risk controls for Singapore FIs. ITIL drives efficiency via certifications; MAS TRM ensures resilience through audits, avoiding fines.
ITIL
ITIL 4
Key Features
- Service Value System drives value co-creation
- 34 flexible practices in three categories
- Seven guiding principles shape decisions
- Four dimensions balance service management
- Continual improvement across all activities
MAS TRM
MAS Technology Risk Management Guidelines
Key Features
- Board and senior management accountability
- Proportionality by risk profile and complexity
- Third-party risk beyond formal outsourcing
- Defence-in-depth cyber resilience controls
- Annual penetration testing for internet systems
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ITIL Details
What It Is
ITIL 4 is a flexible, value-driven framework for IT Service Management (ITSM), evolving from UK government origins in the 1980s. Its scope covers aligning IT with business via the Service Value System (SVS), emphasizing co-creation, lifecycle management, and agility.
Key Components
- **SVS7 guiding principles, governance, Service Value Chain (6 activities), 34 practices (14 general, 17 service, 3 technical), continual improvement.
- **Four DimensionsOrganizations/people, information/technology, partners/suppliers, value streams/processes.
- **CertificationsPeopleCert-managed, Foundation to Strategic Leader paths.
Why Organizations Use It
Drives ROI (up to 38:1), cost savings, 87% adoption for quality, reduced downtime, risk mitigation ($3M breaches). Integrates DevOps/Agile, boosts satisfaction, careers; builds trust.
Implementation Overview
Voluntary, phased via 10-step roadmap: assessment, tailoring, training, CMDB/tools integration. Suits all sizes/industries; pilots for SMEs, certifications optional.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (revised January 2021) are supervisory guidelines from the Monetary Authority of Singapore. They outline principles for financial institutions (FIs) to govern and control technology and cyber risks, focusing on confidentiality, integrity, and availability (CIA) via a risk-based, proportional approach.
Key Components
- 15 sections spanning governance, risk frameworks, secure SDLC, IT operations, resilience, access controls, cryptography, cyber defense, assessments, and audit.
- Synthesised 12 core principles (e.g., board accountability, asset classification, third-party oversight).
- No fixed controls; emphasises defence-in-depth, continuous improvement, and independent assurance.
Why Organizations Use It
- Supervisory expectation for MAS-regulated FIs; non-observance risks enforcement.
- Enhances resilience, reduces incidents, builds customer trust.
- Supports digital transformation, third-party management, competitive edge in finance.
Implementation Overview
- Phased: governance setup, asset inventory, controls, testing, monitoring.
- Targets all MAS-supervised FIs; scalable by size/complexity.
- No certification; focuses on audits, metrics, board reporting (~178 words).
Key Differences
| Aspect | ITIL | MAS TRM |
|---|---|---|
| Scope | ITSM best practices, service lifecycle, 34 practices | Technology/cyber risk governance, controls, resilience |
| Industry | All IT organizations worldwide | Singapore financial institutions only |
| Nature | Voluntary best-practice framework | Supervisory guidelines with enforcement |
| Testing | Certifications, continual improvement audits | Annual PT for internet systems, DR tests |
| Penalties | No legal penalties, certification loss | Fines, license revocation, enforcement actions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ITIL and MAS TRM
ITIL FAQ
MAS TRM FAQ
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