CobiT 5 is on the way!

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What changes will CobiT 5 introduce?

Control Objectives for Information and related Technology (“CobiT”) 5 IT Governance Framework, prepared by the Board of Directors of the Information Systems Audit and Control Association (“ISACA”) to bring together all ISACA products and knowledge under one umbrella, will be published towards the end of 2011.

CobiT 5 Framework aims to establish a more effective information and technology focused management and governance at corporate level, using ISACA products like value management (Value IT), risk management (Risk IT) and IT assurance Framework (ITAF).

In this respect, existing and first time users of  CobiT for audit, management and governance purposes would want to know the following:

• What changes will it bring?
• What should be done for compliance and which approach is suitable for migration?
• How long will the transition period take?

This change will affect the banks and some of their subsidiaries in Turkey, as the Banking Regulation and Supervision Agency (“BRSA”) is using CobiT as an external audit standard for controls assurance. Other regulatory bodies are likely to follow a similar approach.

Please contact us for detailed information on the exposure draft for CobiT 5 IT Governance Framework, its potential impact for your company and our recommended approach.