Commenting on a recent survey showing that financial services executives are spending approximately 20% of their time (the equivalent of a full day every week) dealing with changing global and local regulatory requirements, an expert with global IT association an ISACA leader says that a governance framework can be the best solution to maximizing their efficiency.

According to Ramsés Gallego, security strategist and evangelist at Quest Software and international vice president of ISACA, many business professionals fall into the understandable trap of not being able to see the forest for the trees.

“While attention to detail is a key requirement of most people’s day-to-day duties, when it comes to governance issues, there is a definite need to look at the bigger picture. This is how captains of industry—CEOs and other C-level executives—operate, and it is one of the reasons that ISACA developed the COBIT 5 (www.isaca.org/cobit) framework,” he said.

“COBIT 5 is a supporting toolset that allows managers to bridge the gap between control requirements, technical issues and business risk. To help people see how COBIT 5 can benefit their business, it was a key topic at our European Computer Audit, Control and Security (CACS)/Information Security and Risk Management (ISRM) conference in Munich,” he added.

The ISACA leader went on to say that the principles, practices, analytical tools and models found in COBIT 5 embody thought leadership and guidance from business, IT and governance experts around the world.

COBIT 5, he says, is the only business framework for the governance and management of enterprise IT—and its principles can easily be extended into the world of financial services, as well as other important business disciplines.

There are five key principles of COBIT 5, three of which translate directly to financial services governance and can help those same professionals develop a strategy to save themselves the better part of a day, which the latest Robert Half survey shows them spending. The three principles, says Gallego, are: meeting stakeholder needs, enabling a holistic approach, and separating governance from management.

 “COBIT 5 is all about gaining an understanding of the bigger picture, and developing strategies to meet the governance needs, without dwelling on unnecessary detail. Once the strategy has been devised, then the planning process takes over. Good governance then follows naturally,” he added.

For more on ISACA: www.isaca.org

For more on COBIT: www.isaca.org/COBIT

For more on the Robert Half survey findings: http://bit.ly/NW1EAa

ISACA

With more than 100,000 constituents in 180 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 and expands the practical guidance and product family based on the COBIT® framework. COBIT 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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Contacts:

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