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COBIT Focus - How COBIT 5 Helped Al Rajhi Bank to Meet Compliance and Regulatory Requirements

Join authors Ibrahim Al-Rashid, Vaseem Nasiruddeen, and Sreechith Radhakrishnan , as they responds to ISACA member questions beginning 10 August 2015. Add your questions by responding to this post!

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Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 288 billion (US $76.8 billion), a paid up capital of US $4.3 billion and an employee base of more than 8,400 associates. With more than 50 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella Al Rajhi Trading and Exchange Corporation in 1978. In 1988, the bank was established as a Saudi shareholding company.

With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank has a vast network of more than 500 branches, over 100 dedicated ladies’ branches, more than 4,030 automated teller machines (ATMs), 36,000 point-of-sale (POS) terminals installed with merchants and the largest customer base of any bank in the kingdom, in addition to 130 remittance centers across the kingdom.

The IT governance function of the bank was newly established in 2014, and the bank needed to comply with regulatory compliance requirements established by the Central Bank of Saudi Arabia. Additionally, audit findings indicated the need for an improved IT risk management framework and internal controls. The bank was using multiple frameworks and standards including ITIL, Project Management Office (PMO) and ISO/IEC 27001 to govern and manage IT.

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RE: COBIT Focus - How COBIT 5 Helped Al Rajhi Bank to Meet Compliance and Regulatory Requirements

Would like to receive feedback about this article..
Sreechith.RSocial at 8/17/2015 11:58:32 AM Quote
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(Unrated)

RE: COBIT Focus - How COBIT 5 Helped Al Rajhi Bank to Meet Compliance and Regulatory Requirements

The article is very generic and does not provide any unique information to the reader. To make it a better case study, it may be better to include the following content within the article:
  • Reporting structure of IT Governance Function can be discussed within article.
  • The approach adopted to get support from management seems very ad hoc in nature. This can best be achieve by devising IT Strategy and linking it with the business strategy and demonstrating how it will solve the pain point. 
  • How the process maturity was assessed i.e. self assessment or third party? What was the time duration?
  • Who develop the IT Strategy and what will be the role of IT Governance Function?
  • It may be better to share high level result of stakeholder survey after the implementation thus quantifying the achieved benefits and solving pain points.
  • It was not clear how IT Performance was measured (tools & techniques)?

-adnan-Influential at 9/10/2015 3:50:41 AM Quote
You must sign in to rate content.
(Unrated)

RE: COBIT Focus - How COBIT 5 Helped Al Rajhi Bank to Meet Compliance and Regulatory Requirements

The article is very generic and does not provide any unique information to the reader. To make it a better case study, it may be better to include the following content within the article:
  • Reporting structure of IT Governance Function can be discussed within article.
  • The approach adopted to get support from management seems very ad hoc in nature. This can best be achieve by devising IT Strategy and linking it with the business strategy and demonstrating how it will solve the pain point. 
  • How the process maturity was assessed i.e. self assessment or third party? What was the time duration?
  • Who develop the IT Strategy and what will be the role of IT Governance Function?
  • It may be better to share high level result of stakeholder survey after the implementation thus quantifying the achieved benefits and solving pain points.
  • It was not clear how IT Performance was measured (tools & techniques)?

-adnan-Influential at 9/10/2015 3:50:41 AM Quote
You must sign in to rate content.
(Unrated)

RE: COBIT Focus - How COBIT 5 Helped Al Rajhi Bank to Meet Compliance and Regulatory Requirements

Would like to receive feedback about this article..
Sreechith.RSocial at 8/17/2015 11:58:32 AM Quote
You must sign in to rate content.
(Unrated)

RE: COBIT Focus - How COBIT 5 Helped Al Rajhi Bank to Meet Compliance and Regulatory Requirements

Would like to receive feedback about this article..
Sreechith.RSocial at 8/17/2015 11:58:32 AM Quote
You must sign in to rate content.
(Unrated)

RE: COBIT Focus - How COBIT 5 Helped Al Rajhi Bank to Meet Compliance and Regulatory Requirements

The article is very generic and does not provide any unique information to the reader. To make it a better case study, it may be better to include the following content within the article:
  • Reporting structure of IT Governance Function can be discussed within article.
  • The approach adopted to get support from management seems very ad hoc in nature. This can best be achieve by devising IT Strategy and linking it with the business strategy and demonstrating how it will solve the pain point. 
  • How the process maturity was assessed i.e. self assessment or third party? What was the time duration?
  • Who develop the IT Strategy and what will be the role of IT Governance Function?
  • It may be better to share high level result of stakeholder survey after the implementation thus quantifying the achieved benefits and solving pain points.
  • It was not clear how IT Performance was measured (tools & techniques)?

-adnan-Influential at 9/10/2015 3:50:41 AM Quote
You must sign in to rate content.
(Unrated)

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