Rolling Meadows, IL, USA (16 September 2010)—As part of Israel’s finance-sector reform, the country’s Insurance and Capital Market Supervisor recently published the final regulations regarding IT governance in institutional bodies that provide insurance and financial services. The regulations stipulate that the Insurance and Capital Market Supervisor declares COBIT, which is published by ISACA, an acceptable and recommended control framework for the existence of efficient control and governance mechanisms in IT.
The regulations impact the finance industry and all capital markets and insurance and savings divisions in Israel.
“These regulations, as well as the Hebrew translation of COBIT, will enhance the use of COBIT in Israel,” said Doron Ronen, CPA, president of ISACA’s Israel Chapter. “Organizations in the financial sector will need to learn more about COBIT, and CPA firms and other consultants working with the financial sector will need to widen their use and knowledge of COBIT as well.”
COBIT is a globally accepted set of tools that ensures IT is working as effectively as possible to minimize IT-related risks and maximize the benefits of technology investment. Based on industry standards and best practices, it is a proactive, comprehensive approach to ensure that IT is meeting the needs of an enterprise and helping it achieve its strategic business objectives.
Prior to issuing the regulations, senior representatives from the Insurance and Capital Market Supervisor held several meetings with the ISACA Israel Chapter’s Government and Regulatory Agencies Committee, Cooperation Committee and Professional (Standards) Committee.
“The Supervisor was aware that COBIT is becoming more widely recognized in Israel for a number of reasons, including its effective structure and comprehensive concept of IT,” said Ronen. “COBIT provides the necessary control framework for regulatory compliance, the information needed for accomplishing business and IT goals, a list of the necessary resources and recommended processes, and more. It guides organizations on their journey to enterprise governance of IT, and it is relevant to all industries.”
Ronen believes that other countries will follow suit with similar recognitions of COBIT.
“We are convinced that other government entities—within and outside of Israel—should also adopt COBIT. It helps the IT side by enabling them to structure their control environment, and it helps the business by enabling the organization’s business managers to control IT infrastructure in a methodical way that supports business goals.”
Additional information about COBIT, which is available as a free download, is at www.isaca.org/cobit. The Hebrew translation of COBIT can be purchased at +972.3.6910093. Details on the regulations are available at www.isaca.org.il and at http://www.finance.gov.il/hon/2001/general/hozrim.asp#top.
With 95,000 constituents in 160 countries, ISACA (www.isaca.org) is a leading global provider of knowledge, certifications, community, advocacy and education on information systems (IS) assurance and security, enterprise governance and management of IT, and IT-related risk and compliance. Founded in 1969, the nonprofit, independent ISACA hosts international conferences, publishes the ISACA Journal, and develops international IS auditing and control standards, which help its constituents ensure trust in, and value from, information systems. It also advances and attests IT skills and knowledge through the globally respected Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), Certified in the Governance of Enterprise IT (CGEIT) and Certified in Risk and Information Systems Control (CRISC) designations.
ISACA continually updates COBIT, which helps IT professionals and enterprise leaders fulfill their IT governance and management responsibilities, particularly in the areas of assurance, security, risk and control, and deliver value to the business.
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