In the world of finance and external asset management, data security isn’t just a checkbox—it’s a cornerstone of trust.
Two frameworks often discussed in this space are ISO 27001:2022 and MAS TRM (Monetary Authority of Singapore’s Technology Risk Management Guidelines).
While both aim to protect information and manage risks, they serve different purposes and cater to different audiences. Let’s break it down.
ISO 27001:2022 – A Global Standard for Information Security
ISO 27001:2022 is a leading standard for managing information security.
Think of it as a structured playbook for building, implementing, and maintaining an Information Security Management System (ISMS).
The focus here is on creating a system that identifies risks, implements controls, and enhances itself.
It’s not just about having firewalls or antivirus software; it’s about embedding security into the DNA of an organisation.
Key highlights of ISO 27001:2022
Risk-Based Approach: It starts with identifying risks specific to your organisation and then tailoring controls to address them.
Global Applicability: It’s designed to work across industries and geographies, making it a universal benchmark.
Certification: Organisations can get certified, which acts as a badge of credibility for clients and partners.
For finance professionals, ISO 27001:2022 is like having a recognised seal of approval that says, “We take your data seriously.”
MAS TRM: Singapore’s Financial Watchdog
The MAS TRM guidelines, on the other hand, are specific to Singapore’s financial sector.
Issued by the Monetary Authority of Singapore, these guidelines set the expectations for managing technology risks in financial institutions.
Unlike ISO 27001:2022, MAS TRM isn’t a standard you get certified for.
Instead, it’s a regulatory framework that financial institutions must comply with.
Key highlights of MAS TRM:
- Sector-Specific: Tailored for the financial industry, it addresses risks unique to banking, asset management, and other financial services.
- Regulatory Compliance: Non-compliance can lead to penalties or reputational damage, making it a must-follow for businesses operating in Singapore’s financial ecosystem.
- Granular Focus: It dives deep into areas like cyber resilience, third-party risk management, and incident response.
For external asset managers and finance professionals, MAS TRM is less about global recognition and more about meeting local regulatory expectations.
How Do They Compare?
While both frameworks aim to manage risks and protect information, their approaches and scopes differ:
| Aspect | ISO 27001:2022 | MAS TRM |
|---|---|---|
| Scope | Global, industry-agnostic | Singapore, finance-specific |
| Purpose | Build an ISMS, improve security posture | Meet regulatory requirements |
| Certification | Yes, organisations can get certified | No, compliance is assessed by MAS |
| Focus | Risk management and continuous improvement | Regulatory compliance and resilience |
Do You Need Both?
For finance professionals in Singapore, the answer often leans toward “yes.”
ISO 27001:2022 provides a firm foundation for managing information security, while MAS TRM ensures alignment with local regulations.
Together, they create a robust framework that balances global best practices with local compliance.
For example, an external asset manager might use ISO 27001:2022 to build a comprehensive ISMS and then map those controls to MAS TRM requirements.
This dual approach not only strengthens security but also shows a commitment to both global standards and local regulations.
Why This Matters for Finance Professionals
In the finance and external asset management industry, trust is everything.
Clients expect their data to be handled with the highest level of care, and regulators demand compliance with stringent guidelines.
By understanding the relationships between ISO 27001:2022 and MAS TRM, finance professionals can make informed decisions about their security strategies.
Whether the goal is to gain a competitive edge with ISO 27001:2022 certification or to meet MAS TRM requirements, the result is the same: a stronger, more resilient organisation.
At Outsourced Information Technology (OIT), we understand the unique challenges of balancing global standards with local regulations.
We’re here to help you navigate these frameworks and build systems that inspire confidence.
For security, the choice isn’t about ISO 27001:2022 or MAS TRM—it’s about how they work together to protect what matters most.
