Information Risk Management

In a world in which information technology and electronic commerce are developing at an accelerated pace, many organizations face the continual challenge of achieving their business objectives while minimizing their exposure to risks stemming from the use of innovative technological means.

KPMG Somekh Chaikin recognizes the important need of many organizations for constant technological updating, but is aware of the many risks incurred in this process, and of the high degree of responsibility that senior officeholders in an organization must bear for controlling these risks. A management risk team resulting from the use of information systems helps organizations identify and manage the various risks that are characteristic of the information systems environment, while preserving their business strategy and goals.

A diverse basket of services

Examining the compliance of the information systems with the requirements of the law, including bookkeeping regulations, various tax laws, the Prohibition of Money Laundering Law, and regulations issued by individual regulators (such as the Bank of Israel Banking Supervision Department). This service is very important, particularly when an external software package is installed in organizations in Israel.

Examining the business processes supported by the information systems
The examination focuses on closing the business cycles in an organization in order to reduce exposure to financial, operating, and legal damage, and damage to reputation. (The inventory cycle, the procurement cycle, and the sales cycle are some examples.) Accumulated experience, and methodologies that are compatible with the Sarbanes-Oxley Act are utilized in the examination. As part of this examination, the compliance of auditing in an organization to the auditing model of the Committee of Sponsoring Organizations of the Treadway Commission(COSO), which has been adopted by most American companies, is evaluated.

Mapping and analyzing operational risks in banks, in accordance with the Basel II standard

This mapping conforms to regulations issued by the Bank of Israel Banking Supervision Department. It includes an analysis of instances of non-compliance with the Basel II standard.

Examining the interfaces between the heterogeneous systems in an organization
This examination focuses on the interfaces between various manuals (for the suppliers system, customers system, etc.) and the General Ledger. In the course of the examination, the various audits carried out in an organization are mapped in order to verify that the interfaces work properly, and the completeness of the data delivered.

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