Friday, February 08, 2008

CoBIT IT Governance Newsletter

New Publication From ITGI: IT Control Objectives for Basel II

By Urs Fischer, CISA, CIA, CPA (Swiss)

Financial services and the financial system have been identified as highly critical infrastructures in a global economy. Likewise, operational and information risk management and information technology (IT) controls are now seen as essentials in good corporate governance. At the highest level of strategy, senior management oversight and good governance over the financial system require that these two worlds be merged into a seamless model.

The IT Governance Institute® (ITGI™) has released a new publication to address operational risk in financial services: IT Control Objectives for Basel II: The Importance of Governance and Risk Management for Compliance.

IT Control Objectives for Basel II, developed by a committee of senior experts from a wide range of financial services organisations, highlights the need for operational and information risk management and IT controls from the perspective of bankers and financial experts.

The rigorous process of challenging assumptions, thoughts and reconceived ideas, and the exposure of the document to public scrutiny give additional credibility to the publication.

The publication presents an outline of risk under Basel II, links between operational risk and IT risk, and an approach for managing information risk.

The main objective is to provide clear and unambiguous guidance with regard to information risk management and its application to the requirements and provisions of Basel II as a framework. The publication provides a framework for managing information risk in the context of Basel II. By using this framework, banks can apply recognised processes and controls to their IT environment.

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