The two organisations today signed a Memorandum of Understanding that will create the Middle East and North Africa (MENA) region's first IT corporate governance framework.
The new standards set by Hawkamah and ISACA provide a crucial step toward improving corporate governance standards in a critical risk area for public and private sector entities in the MENA region. Today's signing has a number of core objectives, including to:
• Improve the IT corporate governance practices of private and public sector entities within MENA, including listed companies, banks and financial institutions, and state-owned enterprises
• Help develop national, modern IT related governance frameworks for entities within the MENA in accordance with international best practices for the public and the private sectors.
• Co-operate on corporate governance and IT governance practices, which are critical components of sound banking and financial markets
• Recommend the introduction of IT governance committees in public and private sector entities to continually audit the effectiveness of established systems
Dr. Nasser Saidi, Executive Director of Hawkamah, said, "This is an important step for establishing and implementing IT corporate governance within public and private sector entities in the MENA region. IT governance is an integral part of corporate governance and has been largely neglected until now. It is key to ensuring that corporate governance works on a practical level and is of particular relevance to banks, which rely so heavily on IT infrastructure to service their clients."
Saji Oommen, President of ISACA UAE Chapter, concluded, "Good IT governance represent the 'nuts and bolts' of ensuring that a corporate governance framework is viable, especially as banks implement Basel II principles. As an integral part of any organisation, IT governance should be the responsibility of the board of directors and executive management. Having an IT governance standard ensures an organisation's systems are able uphold the correct standards."
Hawkamah and ISACA intend to undertake an IT corporate governance survey later this year to gauge the state of governance in the MENA region.
Hawkamah is an autonomous, regional entity whose mission is to assist countries and companies of the wider MENA region in developing sound and globally well-integrated corporate governance frameworks and practices. ISACA is a global association of information technology professionals, which develops international information systems and auditing and control standards.
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Hawkamah and ISACA create MENA region's first IT corporate governance standard
- United Arab Emirates: Sunday, July 30 - 2006 at 16:56
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Hawkamah Institute for Corporate Governance (Hawkamah), a subsidiary of the Dubai International Financial Centre Authority, today announced its partnership with ISACA, a leading global association in information technology (IT) governance, control, security and assurance.
Saji Oommen, President, ISACA UAE Chapter and Dr. Nasser Saidi, Executive Director, Hawkamah.
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Posted by Janeta Novakovic, Assistant News EditorSunday, July 30 - 2006 at 16:56 UAE local time (GMT+4)
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Notes and Media Contacts »
Hawkamah:
The first Institute for Corporate Governance in the region, Hawkamah comprises a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org)
The Dubai International Financial Centre (DIFC)
The DIFC is an onshore hub for global finance with world-class regulations and standards. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. Members benefit from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial and non-financial institutions to the DIFC.
The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives. The DIFX provides access to regional and international capital and investment opportunities. (www.difx.ae )
The DIFC Courts - An independent court system that upholds the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC.
( www.difccourts.ae )
ISACA:
The Information Systems Audit and Control Association (ISACA) has more than 50,000 members in more than 140 countries, ISACA is a recognized worldwide leader in IT governance, control, security and assurance. Founded in 1969, ISACA sponsors international conferences, publishes the Information Systems Control Journal® , develops international information systems auditing and control standards, and administers the globally respected Certified Information Systems Auditor™ (CISA®) designation earned by more than 48,000 professionals since inception, and Certified Information Security Manager® (CISM®) designation, a groundbreaking credential earned by 6,000 professionals.
Media enquiries:
Mark Bennewith
Dubai International Financial Centre
Tel: +9714 362 2450
Shaima Omar
Dubai International Financial Centre
Tel: +9714 362 2432
The first Institute for Corporate Governance in the region, Hawkamah comprises a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org)
The Dubai International Financial Centre (DIFC)
The DIFC is an onshore hub for global finance with world-class regulations and standards. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. Members benefit from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial and non-financial institutions to the DIFC.
The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives. The DIFX provides access to regional and international capital and investment opportunities. (www.difx.ae )
The DIFC Courts - An independent court system that upholds the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC.
( www.difccourts.ae )
ISACA:
The Information Systems Audit and Control Association (ISACA) has more than 50,000 members in more than 140 countries, ISACA is a recognized worldwide leader in IT governance, control, security and assurance. Founded in 1969, ISACA sponsors international conferences, publishes the Information Systems Control Journal® , develops international information systems auditing and control standards, and administers the globally respected Certified Information Systems Auditor™ (CISA®) designation earned by more than 48,000 professionals since inception, and Certified Information Security Manager® (CISM®) designation, a groundbreaking credential earned by 6,000 professionals.
Media enquiries:
Mark Bennewith
Dubai International Financial Centre
Tel: +9714 362 2450
Shaima Omar
Dubai International Financial Centre
Tel: +9714 362 2432
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