Basel-II News

IT Governance Institute Releases New Business Risk Guidance for Organizations Affected By Basel II

(Dec 05, 2007)-- Identifying and measuring operational risk are formidable challenges for banks and financial services organizations. To help organizations meet these challenges, the nonprofit, independent IT Governance Institute (ITGI) has released new guidance titled IT Control Objectives for Basel II: The Importance of Governance and Risk Management for Compliance.

Developed by individuals from a range of financial services organizations and other banking advisors, IT Control Objectives for Basel II follows the format and intent of ITGI’s popular IT Control Objectives for Sarbanes-Oxley publication. The book provides unambiguous guidance to operational and information stakeholders—including risk managers, IT practitioners, banking regulators, financial services experts and internal/external auditors—regarding operational and information risk management and its application to the Basel II Capital Accord framework.

Additionally, IT Control Objectives for Basel II:

* Maps Basel II principles for operational risk against IT risk
* Highlights the need for operational and information risk management and IT controls from the perspective of bankers and financial experts
* Offers cross-references with COBIT 4.1 processes
* Provides a framework for managing information risk in the context of the Basel II Capital Accord. By applying this framework, financial service organizations are able to apply recognized practices and controls to their IT environment.
* Outlines steps toward convergence

“Data quality, information risk management and IT controls are at the core of corporate governance,” says Mario Micallef, CPAA, FIA, a financial services governance and risk management specialist and member of Standard and Poor’s Society of Industry Leaders. “IT Control Objectives for Basel II provides guidance on how these worlds can be merged into a seamless model, to ensure effective governance over the financial system.”

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