Israel Regulation Declares COBIT a Recommended Framework

Israel’s Insurance and Capital Market Supervisor recently published the final regulations regarding IT governance in institutional bodies that provide insurance and financial services. The regulations stipulate that the Insurance and Capital Market Supervisor declares COBIT^® an acceptable and recommended control framework for the existence of efficient control and governance mechanisms in IT.

The regulations are part of Israel’s finance-sector reform and impact the banking industry and all capital markets and insurance and savings divisions in Israel.

Prior to issuing the regulations, senior representatives from the Insurance and Capital Market Supervisor held several meetings with the ISACA Israel Chapter’s Government and Regulatory Agencies Committee and Cooperation Committee.

“The Supervisor was aware that COBIT is becoming more widely recognized in Israel for a number of reasons, including its effective structure and comprehensive concept of IT,” said Doron Ronen, CPA, member of ISACA’s Israel Chapter.

Additional information about COBIT can be found on the COBIT page of the ISACA web site. The Hebrew translation of COBIT can be purchased by calling +972.3.6910093 begin_of_the_skype_highlighting +972.3.6910093 end_of_the_skype_highlighting. Click here for details on the regulations, which are also available on the ISACA Israel Chapter’s web site.