Corporate Governance, ISO/IEC and BS by Dr. David Brewer Associate Consultant Integer Knowledge Pte Ltd (Singapore) Director Gamma
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1 Corporate Governance, ISO/IEC and BS by Dr. David Brewer Associate Consultant Integer Knowledge Pte Ltd (Singapore) Director Gamma Secure Systems Limited
2 Agenda Corporate Governance Internal Control ISO/IEC and BS Could they serve as an adequate control framework? Have they a wider utility? Prospects and Limitations Summary
3 Corporate Governance
4 Why a result of scandals investing public being "ripped off" conduct of senior executives South Sea Bubble, Kruger, Salad Oil company, Equity funding, Polly Peck, Maxwell Pensions, Enron, WorldCom New laws/regulations anti discrimination, privacy protection, product quality etc. Turnbull, OECD, Sarbanes-Oxley
5 Turnbull 100 FTSE only (Yellow Book)
6 The OECD Principles (2004) The rights of shareholders and key ownership functions The equitable treatment of shareholders The role of stakeholders in corporate governance Disclosure and transparency The responsibilities of the Board It is an important function of the board to establish internal control systems covering the use of corporate assets and to guard against abusive related party transactions.
7 Sarbanes-Oxley/EC Directive An act to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the security laws, and for other purposes Places heavy emphasis on internal control, e.g. 404 (a) (1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting.
8 Internal Control
9 What is Internal Control? Way in which management deploys resources to achieve the organisation's objectives Two basic parts: Procedures to perform the work necessary to conduct the organisations business (operational procedures) Procedures to ensure that the business is conducted as expected (controls) It is this second part that concerns us today
10 Audit Practice Board This is their advice: Mission Mission Business Business Objectives Objectives Business Business Risks Risks Applicable Applicable Risks Risks Internal Internal Controls Controls Review Review
11 Risks a Taxonomy Following Basel II
12 Applicable Risks and non-applicable risks
13 Controls Fundamentals detect the event in sufficient time to do something positive about it See
14 Types of Control Preventive Either prevent the event from occurring or affecting the organisation, or Detect the event as it happens and prevent any further activity that may lead to an impact Detective Identify when some event, or events have occurred and invoke appropriate actions to arrest (or mitigate) the situation Reactive Identify that the impact has occurred and invoke appropriate actions to recover (or mitigate) the situation
15 ISO/IEC and BS What are they?
16 World-wide Take Up BS Registrations by Continent
17 ISO/IEC and BS BS 7799 Part 2 is a management standard e.g. let s party. Part 2 tells you what to do IS is a supermarket of good things to do Effective Security in tune with the business Certification is against Part 2 is the party OK?
18 BS :2002 Scope Policy Risk Assessment (RA) Risk Treatment Plan (RTP) Statement of Applicability (SOA) Operate Controls Awareness Training ISMS Improvements Preventive Action Corrective Action Management Review Manage Resources Internal ISMS Audit Prompt Detection and Response to Incidents
19 ISO/IEC 17799:2000 Provides guidance under 10 major headings Security Policy Security Organisation Asset Classification and Control Personnel Security Physical and Environmental Security Communications and Operational Management Access Control Systems Development and Maintenance Business Continuity Management Compliance
20 ISO/IEC and BS Could they serve as an adequate control framework?
21 Equivalent Structures Mission Mission Business Business Objectives Objectives Risk Assessment (RA) Policy Scope ISMS Improvements Preventive Action Business Business Risks Risks Risk Treatment Plan (RTP) Statement of Applicability (SOA) Corrective Action Applicable Applicable Risks Risks Operate Controls Awareness Training Internal Internal Controls Controls Manage Resources Prompt Detection and Response to Incidents Internal ISMS Audit Review Review
22 Gamma s ICS Does This (1)
23 Gamma s ICS Does This (2)
24 Gamma s ICS Does This (3) Business Objectives Business Risks Applicable? NO RTP G1 YES RTP G2 RTPs S1..S8
25 Answer to the Question Q. Could they serve as an adequate control framework? A. YES
26 ISO/IEC and BS Have they a wider utility?
27 Answer to the Question YES Gamma s ICS addresses: Credit Risk Trading Risk Market Risk Quality Risk As well as Information Security Risk
28 But ISO/IEC is just IT! No it s information security not IT security IT security is just the same old problem in a different guise Internal control activities (including everything concerning financial reporting) predominately concerns information
29 Does ISO/IEC Recognise This? YES Input Validation Control of Internal Processing Output Validation Transparency and disclosure rely on integrity, availability and confidentiality the hallmarks of ISO/IEC 17799
30 Prospects and Limitations
31 Fast Track to Internal Control Guidance and standards exist in the public domain (although a small fee applies to some) A skeleton ISMS manual is available Standards, theory and practice of RTPs is available Shrink-wrapped? Almost All ICS have to be customised to organisation Need management involvement and resources
32 Skeleton ISMS Manual Parts for you to complete Checklists Covers every requirement of BS7799-2:2002
33 Stylised RTPs Business driven risk assessment/ treatment using events and impacts making it all worthwhile Event Organisation Specific Common (but treatment might be different!) One of my aircraft has broken down Theft Acts of God Regular Fraud IT failure Hacking etc
34 Stylised RTPs Business driven risk assessment/ treatment using events and impacts making it all worthwhile Impacts Adverse press coverage Questions in parliament Court action against dep Failure to prosecute Unanticipated costs etc
35 Limitations Buy and forget? NO Risks may be common but treatment is not PDCA cycle requires requires continuous resource Fast track requires senior management involvement Extension to other standards Not a problem Conceived as part of a whole Conclusion The Sky is the limit
36 Summary
37 Summary Corporate governance is a modern day imperative Demands an effective internal control system BS provides a coherent framework Information risk is more than just IT (and is captured by ISO/IEC 17799) Fast track methods are available, but management involvement is imperative
38 Thank you I will take questions in the panel later
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