Information and IT governance - IT Governance
8 important questions on Information and IT governance - IT Governance
What is the Sarbanes-Oxley act?
US federal law setting new standards for publicly traded companies
- top management must individually certify accuracy of financial information
- severe penalties for fraudulent activities
- increased independence of external auditors
Section 404: Assessment of internal control
- internal control report: "the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting"
Code Lippens (BE), Code Tabaksblat(NL)
What is internal control?
1. Effectiveness and efficiency of operations
2. Reliability of financial reporting
3. Compliance with applicable laws and regulations
What is SOX compliance?
COSO's internal control: integrated framework is the most commonly used framework for demonstrating SOC compliance
- not IT specific
- but IT forms a cornerstone for compliance, reporting, risk management etc.
Therefore: IS or IT governance frameworks
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WHich other grameworks and standards are there?
ISO/IEC 31000: Risk Management
ISO/IEC 27000: Information Security Management
ISO/IEC 20000: IT Service Managements
Prince2: Projects IN Controlled Environments
PMBOK: Project Management Body of Knowledge
TOGAF: The Open Group Architecture Framework
CMMI: Capability Maturity Model Integration
ITELv3: Information Technology Infrastructure Library
What is a COBIT enabler?
7 categories
- principles, policies, frameworks
- processes
- organisational structures
- culture, ethics, behaviour
- information
- services, infrastructure and applications
- people, skills and competencies
What management methods are there
Responsible, Accountable, Consulted, Informed
Maturity models
: process evolution on 3 aspects: continuum, capability attributes and method of achievement
What is the difference between Governance and Management
- evaluate
- direct
- monitor
Management
- Plan
- Build
- Run
- Monitor
What is the conclusion of this chapter?
- SOX compliance
- COSO internal control, integrated framework
- IT play a fundamental role in setting up governance and internal control structures
IT Governance frameworks
- practical guidelines for achieving governance/internal control through enterprise IT
- many professional guidelines and frameworks available
- developed by professional certification organizations
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