Analytix, a provider of best practice-based information and communications technology (ICT)-related solutions, consulting and training, today announced it has been awarded a consulting contract to assist the National Commercial Bank (NCB) of the Kingdom of Saudi Arabia to implement an IT Risk Management Programme, based on the Risk IT Framework that was launched by ISACA in 2009.
“IT risk is an extremely important area of concern for us,” commented Imad Jomaa, Head of the IT Risk Department, IT division, The National Commercial Bank.
“Only very recently has an IT Risk Framework been available and NCB wanted to take advantage of this new situation, and thus we embarked on a project at the earliest opportunity that would integrate the Risk IT Framework with the bank's operational risk programme, in compliance with the Basel II requirements. Previously, only general risk management frameworks or standards; or information security specific frameworks were available for organisations such as ourselves that wanted to implement an IT risk management system.
“We are delighted to announce that the implementation facilitated by Analytix was successful despite it being one of the first, if not the first, implementation of ISACA's Risk IT Framework internationally,” continued Jomaa.
“The Risk IT Framework published by ISACA fills an important gap in the market, ie, it is the first specialist IT risk framework,” added Johan Botha, Managing Director of Analytix.
“IT management is increasingly challenged to understand and articulate the risks and benefits of IT. IT risk management is now considered as a key component of corporate governance as highlighted by King III which has now identified IT as a key modern risk that needs to be addressed by all organisations.”