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Compliance Risk Management in the Philippines: IT Systems Under Scrutiny
In today’s fast-paced business environment, organizations in the Philippines are faced with navigating risks associated with their IT systems. According to a recent survey, 42% of respondents indicate that IT system-related risks pose a significant threat to their operations.
Increased Reliance on Cloud Services and Third-Party Vendors
The increased reliance on cloud services and third-party vendors has also led to concerns about data security and compliance with international standards. “As cybersecurity incidents become more common, it’s no longer just an IT issue but a board-level concern,” said a risk management expert.
Mitigating Risks through Specialized Services
To mitigate these risks, organizations are seeking assistance from specialized firms that can provide guidance on:
- IT governance
- ERP assurance
- Development of IT policies and procedures
- Internal controls optimization
These services help ensure that IT systems are aligned with organizational goals and strategy, providing comfort over the integrity and reliability of transactions processed through them.
Importance of Security Assessments
The importance of security assessments has also been underscored, with organizations required to comply with international standards or assess currently placed controls for overall improvement. “It’s no longer just about having an IT system in place but ensuring that it is secure, compliant, and functioning as intended,” said a technology expert.
Prioritizing Compliance Risk Management
In light of these concerns, experts are urging organizations in the Philippines to prioritize compliance risk management and ensure that their IT systems are equipped to meet the demands of a rapidly changing business landscape.
How Can We Help?
Our team of experts offers a range of services designed to help organizations in the Philippines manage compliance risks associated with their IT systems. These services include:
- IT Governance Review: Aligning IT with organizational goals and strategy
- ERP Assurance: Providing assurance on ERP systems and improving reliability and functionality at implementation, migration, upgrades, and operation
- Development of IT Policies and Procedures Manual: Providing a clear framework for decision-making and consistent response to control activities
- Internal Controls Optimization (ICO): Helping management assess, remediate, and enhance internal controls over reporting systems and business processes
- System Implementation Assurance: Conducting pre-implementation reviews, data migration reviews, go-live assessments, and post-implementation reviews
Contact us today to learn more about how we can help your organization in the Philippines manage compliance risks associated with IT systems.