OSHA
U.S. regulation assuring safe workplace conditions nationwide
MAS TRM
Singapore guidelines for financial technology risk management
Quick Verdict
OSHA enforces workplace safety standards across US industries via inspections and fines, while MAS TRM provides technology risk guidelines for Singapore FIs emphasizing cyber resilience. Companies adopt OSHA for legal compliance; MAS TRM for supervisory assurance and operational stability.
OSHA
29 CFR 1910 Occupational Safety and Health Standards
Key Features
- Enforces safety standards under OSH Act of 1970
- General Duty Clause covers recognized serious hazards
- Hierarchy of controls prioritizes engineering over PPE
- Mandatory injury/illness recordkeeping via Forms 300/300A
- Risk-based inspections with escalating civil penalties
MAS TRM
MAS Technology Risk Management Guidelines
Key Features
- Board and senior management accountability for TRM
- Proportionality based on risk and complexity
- Comprehensive defence-in-depth cyber controls
- Third-party risk assessment and oversight
- Annual penetration testing for internet-facing systems
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
OSHA Details
What It Is
OSHA (Occupational Safety and Health Administration) standards, codified in 29 CFR 1910 for general industry, are U.S. federal regulations under the OSH Act of 1970. This enforceable framework assures safe, healthful working conditions by reducing hazards through standards enforcement and the General Duty Clause. It adopts a hierarchy of controls approach: elimination, substitution, engineering, administrative, and PPE.
Key Components
- Organized into subparts (A-Z) covering walking surfaces, PPE, hazardous materials, toxic substances.
- Over 30 subparts with specific requirements like HazCom (1910.1200), Lockout/Tagout (1910.147).
- Core principles: performance-based standards, worker rights, recordkeeping (Part 1904).
- Compliance via inspections, citations; no central certification but state plans optional.
Why Organizations Use It
Mandated by law, avoiding penalties up to $165,514 per willful violation. Reduces injuries, lowers insurance costs, boosts productivity. Enhances reputation, meets stakeholder ESG demands.
Implementation Overview
Phased: gap analysis, written programs (IIPP), training, engineering controls. Applies to most U.S. employers; audits via OSHA inspections. Scalable for all sizes, focusing on high-hazard industries.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (January 2021) are supervisory guidelines issued by Singapore's Monetary Authority of Singapore (MAS) for financial institutions (FIs). They provide a risk-based framework for managing technology and cyber risks, emphasizing governance, controls, and resilience across IT operations.
Key Components
- Covers 15 sections: governance, asset management, SDLC, IT services, resilience, access control, cryptography, cyber operations, testing, and audit.
- 12 synthesized core principles like board accountability, proportionality, defence-in-depth.
- No fixed controls; proportional to risk profile.
- Compliance via supervisory review, no formal certification.
Why Organizations Use It
- Mandatory for MAS-regulated FIs to avoid fines, license actions.
- Enhances operational resilience, reduces cyber threats.
- Builds stakeholder trust, supports digital transformation.
- Aligns with NIST CSF, ISO 27001 for global best practices.
Implementation Overview
- Phased: governance setup, asset inventory, risk assessment, controls, testing.
- Targets banks, insurers, fintechs in Singapore.
- Involves board approval, independent functions, ongoing metrics/audits. (178 words)
Key Differences
| Aspect | OSHA | MAS TRM |
|---|---|---|
| Scope | Workplace safety, health hazards, recordkeeping, enforcement | Technology/cyber risk governance, resilience, third-party controls |
| Industry | General industry, construction, maritime, agriculture (US) | Financial institutions (banks, insurers) in Singapore |
| Nature | Mandatory federal regulations with civil penalties | Supervisory guidelines with proportional enforcement |
| Testing | Compliance inspections, record reviews, no formal pen testing | Annual pen testing, vulnerability scans, DR exercises, red teaming |
| Penalties | Civil fines up to $165K per willful violation | Supervisory actions, fines, license conditions, executive prohibitions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about OSHA and MAS TRM
OSHA FAQ
MAS TRM FAQ
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