King county information technology governance february 2018 it governance ensures king countys business needs are adequately supported by valueadded it through collaboration with leadership and external partners who provide input and guidance on strategy and investments. King iv governance of technology and information so what. Its about the ability of the enterprises board to evaluate, direct and monitor the use of an enterprises technology and information resources in support of the achievement of the organisations strategic objectives. This report, referred to as king iii, was compiled by the king committee with the help of the king subcommittees. King iv has deliberately separated technology and information. Corporate governance king ii report on corporate governance. The deployment of information technology cannot be. Introduction of information technology it governance in king iii, provides the most salient aspects of it governance for directors. At pwc, we believe that free enterprise prospers in an environment of good and balanced corporate governance. Application of the king iv report on corporate governance. King iii came into effect for south african entities beginning 1 march 2010 and is applicable to all entities regardless of their size and. The king report on corporate governance is a booklet of guidelines for the governance structures and operation of companies in south africa. King iv sets out the following differences between it and king iii. King code of corporate governance for south africa, 2009.
Saqa has adopted king iii as a governance framework, which therefore also applies to the information technology environment. Code of governance principles king iii 1 ethical leadership and corporate citizenship 3 board and directors 7 audit committees 9 the governance of risk 10 the governance of information technology 11 compliance with laws, rules, codes and standards 11 internal audit 12 governing stakeholder relations 12 integrated reporting and disclosure. It is first mentioned under the heading in the introduction. South africa, and the king code of governance principles king iii. The institute of directors in southern africa iodsa and the king committee released the king iv report on the 1st of november 2016. King iiis philosophy of apply or explain has become. The governance of information technology is dealt with in principle 5. Reference to the index is made in the corporate governance report in the 2015 integrated annual report of rcl foods. It is interesting that it governance is dealt with in various parts of king iii. Contact our regional experts for more information on this subject. Pdf on jan 1, 2016, anneke moolman and others published king iii information technology governance requirements an. Indeed, the south africa corporate governance code, king iii, 19 contains a significant amount of itgovernancerelated guidance.
The board understands the importance, relevance and inherent risks in it and has delegated the management thereof to management. It is issued by the king committee on corporate governance. The companies act, which is due to become effective in 2010. The main objective of the king iii, and the released king iv, is to promote good corporate governance as a driver for an ethical and effective leadership by board. Some of the most notable changes are set out below. Assigning accountability for it governance in south. The company complies with the principles of king iv and the mandatory corporate governance requirements of the jse. The implications of it governance outlined in king iv. King iv introduces various amendments and enhancements to its predecessor, the king iii report on governance for south africa, 2009 king iii. Analysis of the application of the 75 corporate governance. The development of an integrated framework in order to address.
As with king iii, king iv deals with information and technology governance it governance, but for the first time, it governance is specifically addressed in a whole chapter. The corporate governance code for namibia namcode provides a list of best practice principles to assist and guide directors to make the right choice for their entities. Objectives for information and related technology cobit frameworks control. The need for king iii the third report on corporate governance in south africa became necessary because of the new companies act no. The need for king iii the need for king iii should be seen in the context of.
The king iii report advocated that internal audit plans should be riskbased, audit committees should. There are seven principles and 24 recommended practices. A growing emphasis on the need for comprehensive reporting. As the second edition of auditing it governance, this gtag has been updated to reflect the 2017. Exploring how corporate governance codes address it governance. The king committee and its subcommittees being prepared to complete the report, without any remuneration. This index has been prepared to illustrate the application of the principles contained in the king code of governance for south africa 2009 king iii by rcl foods limited. Technology and information governance is the king iv term for what is generally known as it governance. King iv application regime the application regime for king iv is apply and explain. King iv is a business tool to assist organisations in creating more robust strategies.
In king iv, there is a clear differentiation between principles, practices and governance outcomes. The 75 king iii principles have been consolidated into 17 principles, each linked to very distinct outcomes. The application regime of king iii was apply or explain whereas for king iv it is apply and explain. King code of governance principles king 3 king iii. Corporate governance king ii report on corporate governance published by. In addition, the 5 key elements of it governance as per cobit control objectives for information and related technology are adopted for saqas it governance framework. Transition from king iii to king iv no response part 4. King code of corporate governance for south africa, 2009 king iii checklist the board of directors the board of famous brands limited famous brands or the company is fully committed to business integrity, fairness, transparency and accountability in all of its activities. The revised code of and report on governance principles for south africa king iii were released on 1 september 2009, with an effective date of 1. King iii first officially introduced it governance to corporate governance in south africa and demanded a greater level of it risk awareness at director level. King iii follows an inclusive approach to stakeholders, whereby.
The structure has been changed from king iii to put all governance functional areas in the same part. General guidance note the following text have been directly extracted from the king iv report on corporate governance for south africa 2016, for the purposes of summarising the disclosure recommendations found within the king iv code. King iv recognises information separate from technology as a corporate asset and. The institute of directors in southern africa and the king committee on corporate governance in south africa acknowledge with appreciation those who support king iv and corporate governance in south africa through their endorsements. To apply these principles and practices companies are required to establish an it governance charter, it governance framework. Leadership, organisational structure and processes are. On 1 november 2016, the king committee published the king iv report on corporate governance for south africa, 2016 king iv. General guidance note summary of king iv disclosure.
The king iii code of governance for south africa requires a companys board to ensure that information assets are managed effectively and that an information security management system is developed and implemented to. The release of king iii report on 1 september 2009 represents a significant milestone in the evolution of corporate governance in south africa and brings with it significant opportunities for organisations that embrace its principles. Corporate governance and king iii kpmg international. We, therefore, deal with it governance in detail in king iii for the first time. The it governance chapter chapter 5 is focused on providing the most salient aspects of it governance for directors. In king iii, this differentiation between practices, principles and outcomes is not so distinct. It reporting should be included in the integrated report and should be complete. Three reports were issued in 1994 king i, 2002 king ii, and 2009 king iii and a fourth revision king iv in 2016. King iii summary in this king iii summary document, we have provided an overview as well as a quick reference guide but the reader is advised to consult the full king iii report and code available from the institute of directors in south africa. The draft king iii report however published specific. The spirit of the following principles from king ii, applicable to risk management, could be replicated in the public sector environment. Getting started applying the king iii code for it governance ca sets out 7 principles and 24 practices that companies must apply for better governance of information technology.
King iv report on corporate governance for south africa. The code recommends integration of economic, social, and environmental reporting, recording how the companys business has impacted positively and negatively on the. King iv constitutes a positive step in south african. While we understand that achieving good governance. The risk and and audit committees assist in ensuring appropriate.
King iii, it governance and your organisation ligned ceaper etter aster controlled secure stakeholder value service quality service cost business alignment it risks enable change principles summarised recommendations 1 the board should be responsible for it governance it governance on the boards agenda. The role of information technology it in business has. Each endorsement indicates support for the principles as espoused by this report. King iii, and king iv reports cover in more detail the processes and mechanisms needed to develop, implement, evaluate, and improve an it. King iii states that the board should be responsible for it governance. The king report on governance for south africa, 2009 king iii, became effective on 1 march 2010 and provided directors and executives of organisations guidance through a list of best practice principles to utilise organisational resources in such a way as to ensure the continuing viability of the organisation. The king iv code once again deals with information and technology governance or it governance in detail.
King codes on corporate governance and esg performance. King iii checklist principle number description compliance. King iv addresses how to apply practices proportionally, something that king iii only implied. Application of king iii principles 2016 clicks group. An it steering committee, which includes the group cfo and head of it, reports to the chairman of the audit and risk committee. Information technology governance frameworks in higher. King iiis it governance principles at a strategic level. Since it was first published in 1994, the king report on corporate governance for south africa and its successors, king ii and king iii, have become an indispensable guide on. Application of the king iv report on corporate governance for south africa 2016 king iv york timber holdings limited york or the company is listed on the johannesburg stock exchange operated by the jse limited jse. Equally true is the tremendous impact information technology has had in enabling businesses to grow, reduce costs and improve performance. The boards charter records that it is responsible for information technology governance, and the standard agenda items for meetings of the audit committee.