Six Sigma
De facto methodology for defect reduction and variation control
MAS TRM
Singapore guidelines for technology risk management in finance
Quick Verdict
Six Sigma drives process excellence via DMAIC across industries for cost savings; MAS TRM mandates tech risk governance for Singapore FIs to ensure cyber resilience and avoid fines.
Six Sigma
ISO 13053:2011 Quantitative methods in Six Sigma
Key Features
- DMAIC methodology drives data-driven process improvements
- Belt hierarchy professionalizes roles and training
- 3.4 DPMO benchmark targets defect prevention
- Tollgate reviews enforce governance and alignment
- SPC control plans ensure sustained gains
MAS TRM
MAS Technology Risk Management Guidelines (2021)
Key Features
- Board/senior management accountability for oversight
- Proportional controls by risk and criticality
- Third-party risk as first-class domain
- Annual penetration testing for internet systems
- End-to-end lifecycle from SDLC to resilience
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
Six Sigma Details
What It Is
Six Sigma is a de facto industry standard and formalized in ISO 13053:2011 as a data-driven methodology for process improvement. It focuses on reducing variation, preventing defects, and achieving near-perfect quality through statistical methods. Core approach uses DMAIC (Define, Measure, Analyze, Improve, Control) for existing processes and DMADV for new designs.
Key Components
- Structured DMAIC/DMADV phases with mandatory deliverables like charters, SIPOC, MSA.
- **Belt hierarchyChampions, Master Black Belts, Black/Green Belts.
- Metrics: 3.4 DPMO, sigma levels, capability indices.
- Governance via tollgates, SPC, control plans; certification via ASQ/IASSC BoKs.
Why Organizations Use It
Delivers financial savings (e.g., GE $1B+), risk reduction, customer satisfaction. Voluntary but strategic for competitiveness; integrates with Lean/ISO 9001. Builds data-driven culture, stakeholder trust.
Implementation Overview
Phased rollout: executive sponsorship, training, project portfolio, DMAIC execution. Applies to all sizes/industries; 4-6 month projects. No universal certification but ASQ CSSBB benchmark; audits via internal reviews.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (January 2021) are supervisory guidance from Singapore's Monetary Authority of Singapore (MAS) for financial institutions. They provide a principles-based framework for governing technology and cyber risks, emphasizing proportional implementation based on risk profile, complexity, and criticality to ensure CIA (confidentiality, integrity, availability) of systems and data.
Key Components
- 15 main sections covering governance, risk frameworks, secure SDLC, IT service management, resilience, access controls, cryptography, cyber operations, assessments, and audit.
- Synthesised into 12 core principles like board accountability, asset inventories, third-party oversight, and layered cyber defenses.
- No fixed controls; focuses on outcomes with independent assurance via audit.
Why Organizations Use It
- Meets MAS supervisory expectations to avoid fines/enforcement.
- Enhances resilience, reduces cyber incidents, builds customer trust.
- Supports digital transformation while managing ecosystem risks.
Implementation Overview
- Risk-based: inventory assets, assess risks, design controls, test resilience.
- Applies to all MAS-supervised FIs; scalable by size/complexity.
- No certification; demonstrated via audits, metrics, board reporting.
Key Differences
| Aspect | Six Sigma | MAS TRM |
|---|---|---|
| Scope | Process improvement, DMAIC methodology, belts | Technology/cyber risk governance, CIA controls |
| Industry | All industries worldwide | Singapore financial institutions |
| Nature | Voluntary methodology, certifications | Supervisory guidelines, enforcement risk |
| Testing | Statistical validation, MSA, capability analysis | Penetration testing, vulnerability scans, DR tests |
| Penalties | No legal penalties, project failure | Fines, license revocation, enforcement |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about Six Sigma and MAS TRM
Six Sigma FAQ
MAS TRM FAQ
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