COBIT Case Study
Q1. What are the key motivations of the banks to implement COBIT? Is there any similarity in motivations between these banks for COBIT implementation? Discuss.
Key motivations of banks to implement COBIT
There are many key motivations of Kuwait Turk Bank to implement COBIT. According to the Kuwait Turk bank case study, Kuwait Turk bank begin to use Control Objectives for Information and Related Technology (COBIT) to meet the rules and requirements made by the Banking Regulation and Supervision Agency of Turkey (BRSA). In May 2006, BRSA passed regulation demanding all banks in Turkey to adopt COBIT’s best practices when managing IT-related processes. Article 30 from the legislation required all banks to comply with auditing requirements based …show more content…
Both banks decided to implement COBIT, the globally accepted set of good practices from the IT Governance Institute (ITGI) that can be used to ensure that their IT function is aiding them to accomplish their goals and objectives because COBIT is popular and internationally recognized and considered to be effective at controlling IT-related processes. They use COBIT because they want to align its department processes and principles with a common framework that is greatly flexible and adaptable, and has controls and processes in common with other industry frameworks. COBIT give detailed mapping with other frameworks including International Organization for Standardization (ISO) standards, The Open Group Architecture Framework (TOGAF) and the Project Management Body of Knowledge (PMBOK). There is no other framework except COBIT that give such detailed mapping with diverse, industry-accepted standards [1]. They use COBIT because COBIT helped in the processes creation with internationally accepted, auditable and measurable structures that incorporate the best practices in the banking industry …show more content…
Therefore, the board is well informed on the discoveries and makes decisions based on the IT audit division’s recommendations. In 2005, the chief auditor, who previously was the head of IT audit division, became a board member, giving IT an important presence in the meeting room. “This is a very big plus because many companies do not have any IT-savvy board members,” said Komitas Stepanyan, head of the IT audit division. “The lack of an IT presence affects many of their IT related decisions and makes it more difficult to manage IT
Key motivations of banks to implement COBIT
There are many key motivations of Kuwait Turk Bank to implement COBIT. According to the Kuwait Turk bank case study, Kuwait Turk bank begin to use Control Objectives for Information and Related Technology (COBIT) to meet the rules and requirements made by the Banking Regulation and Supervision Agency of Turkey (BRSA). In May 2006, BRSA passed regulation demanding all banks in Turkey to adopt COBIT’s best practices when managing IT-related processes. Article 30 from the legislation required all banks to comply with auditing requirements based …show more content…
Both banks decided to implement COBIT, the globally accepted set of good practices from the IT Governance Institute (ITGI) that can be used to ensure that their IT function is aiding them to accomplish their goals and objectives because COBIT is popular and internationally recognized and considered to be effective at controlling IT-related processes. They use COBIT because they want to align its department processes and principles with a common framework that is greatly flexible and adaptable, and has controls and processes in common with other industry frameworks. COBIT give detailed mapping with other frameworks including International Organization for Standardization (ISO) standards, The Open Group Architecture Framework (TOGAF) and the Project Management Body of Knowledge (PMBOK). There is no other framework except COBIT that give such detailed mapping with diverse, industry-accepted standards [1]. They use COBIT because COBIT helped in the processes creation with internationally accepted, auditable and measurable structures that incorporate the best practices in the banking industry …show more content…
Therefore, the board is well informed on the discoveries and makes decisions based on the IT audit division’s recommendations. In 2005, the chief auditor, who previously was the head of IT audit division, became a board member, giving IT an important presence in the meeting room. “This is a very big plus because many companies do not have any IT-savvy board members,” said Komitas Stepanyan, head of the IT audit division. “The lack of an IT presence affects many of their IT related decisions and makes it more difficult to manage IT