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ME3.1 - Identification of External Legal, Regulatory and Contractual Compliance Requirements

This topic is intended to enable collaboration and sharing of information to facilitate a better understanding and approach to implementing this COBIT control objective based on the risk, value and guidance provided by its corresponding control practices.

COBIT Control Objective ME3.1 - Identification of External Legal, Regulatory and Contractual Compliance Requirements is contained within Process Popup Ensure Compliance With External Requirements.

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Identification of External Legal, Regulatory and Contractual Compliance Requirements

Identify, on a continuous basis, local and international laws, regulations, and other external requirements that must be complied with for incorporation into the organisation’s IT policies, standards, procedures and methodologies.

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Value Drivers

  • Identification of good practices for dealing with laws and regulations
  • Improved personnel awareness for regulatory requirements
  • Increasing process performance and compliance with laws and regulations
  • Improved corporate performance
  Risk Drivers
  • Relevant laws or regulations overlooked, leading to non-compliance
  • Potential areas of financial losses and penalties not identified
  • Decreased customer and business partner satisfaction
  • Increased likelihood of disputes with customers and regulators
  • Increased risk to business continuity from sanctions imposed by regulators
  • Poor corporate operational and financial performance

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  1. Assign responsibility for the identification of legal or regulatory requirements relevant to the IT resources and operations of the organisation. Consider contractual requirements between trading partners and with service providers with respect to security, privacy, data handling, intellectual property and copyright, and insurance contracts.
  2. Design and implement a process to identify and assess the applicable laws and regulatory requirements. Determine their impact on the IT resources and operations of the organisation and its service providers, and update policies, standards, procedures and methodologies accordingly. Consider laws and regulations for electronic commerce, data flow, security, privacy, internal controls, financial reporting, industry-specific regulations, intellectual property copyright, and health and safety, and ensure that these obligations are included in the contractual terms.
  3. Assess the impact of legal and regulatory requirements on contracts related to IT operations, contractual relationships, third-party service providers and trading partners.
  4. Obtain independent counsel, where appropriate, on changes to applicable laws, regulations and standards.
  5. Maintain an up-to-date log of all relevant legal, regulatory and contractual compliance requirements; their impact; and required actions.

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Events & Online Learning: 16 total

16 Mar 2015
ISACA International Event
Orlando, FL, USA
15 Jun 2015
ISACA International Event
Ciudad de México, Mexico
14 Mar 2016
ISACA International Event
Miami, FL, USA
1 Aug 2016
ISACA International Event
Chicago, IL, USA

Journal Articles: 461 total

Volume 6, 2015
by Ed Gelbstein, Ph.D.
An auditor will sooner or later be faced with two kinds of conflicts: conflict of interest and interpersonal conflict.
Volume 5, 2107
by Marianne Bradford, Ph.D., and Dave Henderson, Ph.D.
Although generalized audit software (GAS) has been shown to significantly improve the efficiency and effectiveness of audits, many auditors do not use this technology.
Volume 3, 2107
by Jayakumar Sundaram, CISA, ISO 27001 LA
The SoA is a continuously updated and controlled document that provides an overview of information security implementation.
Volume 3, 2018
by Giuliano Pozza, CGEIT, e-CF Plus (CIO), ITIL v3
The world of information and data management is changing faster than anyone could have predicted a few years ago, and attention to sensitive data protection is growing, as the new GDPR is clearly proving.
Volume 3, 2018
by Lucio Augusto Molina Focazzio, CISA, CRISC, CISM, COBIT Assessor and Trainer, ITIL
Building Tomorrow’s Leaders, Today
Volume 3, 2018
by ISACA Member and Certification Holder Compliance
An up-to-date listing of the current IT Audit and Assurance Standards, Guidelines, and Tools and Techniques

Wikis: 2 total

Blog Posts: 222 total

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