Ho Yu ITGC Essay

1337 WordsDec 3, 20146 Pages
ITGC Area Summary of Issue Strength or Weakness IT Management FFC has an IT strategic plan Strength IT Management CIO reports only to the Chief Financial Officer Weakness IT Management Applications, Operations, Information Security, and Database Administration are reported to the CIO Weakness IT Management FFC has an IT steering committee – 1. the Senior Vice President (SrVP) and Chief Information Officer (CIO) 2. the VP, Applications 3. the VP, Data Base Administration (DBA) 4. the VP, Operations 5. the VP, Information Security (IS) 6. the Executive Vice President and Chief Financial Officer (CFO) 7. the SrVP, Internal Audit Strength Systems Development FFC design, develop, and implement systems in a logical fashion Strength Systems…show more content…
Then, we looked at the company’s organization chart and had a meeting with the head of each department, and took notes from the meetings. We also observed the audit team. After that we wrote down the strengths and weaknesses, and decide the level of risk assessment for each area. First of all, in the area of IT Management, the risk assessment is medium. They have a strategic plan, which is a strength, because a strategic plan will help FFC to meet its business goals by outlining the objectives and strategies for the information system group. In addition, FFC has an IT steering committee, which is also a strength, because the committee develops and revises IT and security policies, and reviews the operations of the IT department. However, there are a couple of weaknesses in the area of IT Management. For instance, their Chief Information Office only reports to their Chief Financial Officer. According to the Sarbanes-Oxley Act, the company’s chief executive officer and chief financial officer are requires to include an assessment of the operating effectiveness of their internal control structure over financial reporting when issuing the annual report. In addition, the Vice President of Applications, Vice President of Operations, Vice President of Information Security, and Vice President of Database Administration reports only to Chief Information Officer Second, there are quite a few strengths in their Systems Development area,

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