PRINCE2
Project management methodology for governance and control
MAS TRM
Singapore guidelines for technology risk management in finance.
Quick Verdict
PRINCE2 provides structured project governance for global organizations, while MAS TRM enforces technology risk controls for Singapore FIs. Companies adopt PRINCE2 for repeatable delivery success; MAS TRM ensures cyber resilience and regulatory compliance.
PRINCE2
PRINCE2 7th Edition (Projects IN Controlled Environments)
Key Features
- Exception-based management using tolerances and escalation
- Continued business justification throughout lifecycle
- Structured around 7 principles, practices, processes
- Mandatory tailoring to project scale and context
- Stage-based governance with board decision gates
MAS TRM
MAS Technology Risk Management Guidelines 2021
Key Features
- Board and senior management accountability
- Proportional risk-based implementation
- Third-party risk management
- Cyber resilience and defence-in-depth
- Annual penetration testing for internet systems
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
PRINCE2 Details
What It Is
PRINCE2 7th Edition (Projects IN Controlled Environments) is a process-based project management framework. It provides structured governance, decision rights, and control for projects of any scale or complexity. The key approach is principle-driven with mandatory tailoring to context, emphasizing value delivery through stages and exceptions.
Key Components
- **7 PrinciplesGuiding obligations like continued business justification, manage by exception, and tailoring.
- **7 PracticesContinuous disciplines (Business Case, Organizing, Plans, Quality, Risk, Issues, Progress).
- **7 ProcessesLifecycle from Starting Up to Closing a Project. Built on management products (e.g., PID, registers); certification via Foundation and Practitioner levels.
Why Organizations Use It
Delivers repeatable governance, reduces executive overhead via tolerances, improves success through tailoring. Supports auditability, risk control, and stakeholder alignment. Builds trust in public-sector and regulated environments; enables hybrid agile integration for competitive delivery.
Implementation Overview
Phased rollout: gap analysis, tailoring blueprint, training, pilots, assurance. Applies to all sizes/industries globally. Voluntary certification; focuses on coaching and templates for pragmatic adoption.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (January 2021) are supervisory guidelines issued by Singapore's Monetary Authority (MAS) for financial institutions. They provide a risk-based framework for managing technology and cyber risks, emphasizing governance, controls, and resilience to protect confidentiality, integrity, and availability (CIA).
Key Components
- 15 sections covering governance, risk frameworks, secure development, IT service management, resilience, access controls, cryptography, cyber operations, assessments, and audit.
- Synthesised into 12 core principles like board accountability, asset management, third-party oversight.
- Proportional implementation based on risk profile; no fixed controls but defence-in-depth approach.
Why Organizations Use It
- Mandatory for MAS-supervised FIs to avoid enforcement (fines, license actions).
- Enhances cyber resilience, operational stability, and customer trust.
- Supports digital transformation while mitigating threats.
Implementation Overview
- Phased: governance setup, asset inventory, control design, testing, third-party management.
- Applies to banks, insurers, fintechs in Singapore; scalable by size/complexity.
- No formal certification; demonstrated via audits, metrics, board reporting.
Key Differences
| Aspect | PRINCE2 | MAS TRM |
|---|---|---|
| Scope | Project management governance, principles, practices, processes | Technology/cyber risk governance, controls, resilience |
| Industry | All industries worldwide, any project size | Singapore financial institutions only |
| Nature | Voluntary project management methodology | Supervisory guidelines with enforcement |
| Testing | Stage boundary reviews, tailoring assessments | Annual penetration testing, vulnerability scans |
| Penalties | No legal penalties, certification loss | Fines, license revocation, enforcement actions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about PRINCE2 and MAS TRM
PRINCE2 FAQ
MAS TRM FAQ
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