Technical assistance for strengthening the audit capacity of the Capital Markets Board of Turkey

Project information

The Capital Markets Board (CMB) is the regulatory and supervisory authority for the investment services and securities markets in Turkey. CMB supervises various players on the capital market such as publicly held listed companies, intermediary institutions, exchanges, etc. in order to ensure secure, fair and orderly functioning of the market and to protect the investors. CMB plans to govern and audit the information systems of these players on the capital market. 
In this sense the main objective of this project was to develop appropriate regulations for the governance of IT systems and regulations for the audit of these systems, thereby paying attention to the existing legislation/regulations in Turkey and best practices across the globe.
Corporate governance consists of a set of processes, customs, policies, laws and institutions affecting the way people direct administer or control a corporation. Corporate governance also includes the relationships amongst the players involved (the stakeholders) and the corporate goals. The principal players include the shareholders, management and the board of directors. Stakeholders also include employees, suppliers, customers, banks and others like lenders, regulators, the environment and the community at large.
IT governance is a subset discipline of corporate governance, focused on IT systems and their performance and the way IT risks are managed. The discipline of IT governance deals primarily with the connection between strategic objectives and IT management of an organization. It highlights the importance of IT related matters in contemporary organizations and states that strategic IT decisions should be owned by the corporate board, rather than by the chief information officer or other IT managers.
The primary goals for IT governance are to

  1. Assure that the investments in IT generate business value;
  2. Mitigate the risks that are associated with IT. 
    This can be done by implementing an organizational structure with well-defined roles for the responsibility of information, business processes, applications, infrastructure, etc. Accountability is the key concern of IT governance.
    In this project, we presented a new and useful framework for making critical business decisions across the enterprise, with an approach to governance that will allow developing new opinions, considering consequences and understanding potential risks and rewards of the decisions of senior executives. The objective is for every organization that is supervised by the CMB to implement an ongoing process of planning, implementing, controlling and (re)acting.

Status : Closed

Date : 11-2010 -> 04-2011

Countries : Turkey