Ivan Spiteri
Director of Technology Advisory & Assurance
The world is rapidly changing. And even though constantly evolving technologies bring plenty of benefits, they’re also creating a new set of risks that companies must face. BDO Malta's IT Risk Advisory team takes an innovative approach to our risk management methodologies to address these risks and help keep your company safe.
Our experienced professionals understand these risks and keep up-to-date with the ongoing transitions in today’s world. Our services can help your organisation accelerate its IT risk and compliance programs in the following ways: IT Audit, IT Risk Assessments and Cybersecurity Audits.
Sometimes, our clients know what areas they want us to focus on; in others, we start by performing a thorough assessment. In both cases, we provide tailored recommendations based on what we find, relying on decades of experience and insight. We also leverage the knowledge gained from continuous active involvement in the IT industry; our professionals regularly attend meetings and trainings with industry leaders to stay on top of the latest developments.
Sourcing the IT Audit Function
In complex system environments, audit functions tend to maintain across-the-board technical capabilities. This tendency can greatly boost the overall departmental cost for the organization. Utilising BDO for your IT audit needs can significantly reduce your organization’s IT audit costs by having experienced resources available for your organisation on an as-needed basis.
Ultimately, the audit plan for the IT audit universe is driven by the risks attributable to your organization. These risks are typically identified during the risk assessment process. Examples of projects that our IT audit resources have worked on in the past include but are not limited to:
- IT Risk Assessment
- Change Management Process
- Regulatory compliance (e.g. DORA; NIS2; GDPR etc)
- Program Development (SDLC)
- Cybersecurity Audits
- Disaster Recovery
- Segregation of Duties Assessment
- Incident and Problem Management
- Application Security Assessment
- Sensitive Data Protection
- Pre- and Post-Implementation Reviews
- Cloud Computing Audits
Why BDO?
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Reduce costs - A typical IT audit can greatly boost your organisation’s departmental cost. BDO does things differently, offering IT audit resources as needed to keep costs low.
- Access experienced resources - Have questions? Our team is ready to provide answers and insights as questions arise.
IT Risk Assessments
The IT risk assessment provides management with an evaluation of IT-related elements and their potential impact to the five following business areas:
- Strategy
- Financial
- Reputational
- Compliance
- Operational
In addition, the following IT risk areas will also be assessed for each entity:
- Major changes to the entity
- Availability
- Integrity
- Confidentiality
The purpose of this IT risk assessment is two-fold:
- Identify risks that IT presents to the business that could adversely affect the business.
- Identify the IT audit universe, examine the IT auditable units, and select areas with the greatest risk exposure to review and include in the three-to-five-year IT audit plan.
BDO Malta follows a standard four-step risk assessment methodology that is based on the Institute of Internal Auditors (IIA) and Information Systems Audit and Control Association (ISACA) recommended best practices for IT risk assessments. This process helps ensure that the foundation of the IT audit plan is based on the organization’s objectives, strategies and business model:
- Understand the business
- Define the IT universe
- Perform the IT risk assessment
- Develop the IT audit plan
Why BDO Malta?
BDO Malta understands the role IT plays in supporting business functions and takes all areas into account when assessing risk. Align your audit plan with business objectives — We develop an IT audit plan according to your unique objectives, strategies and business model.
Cybersecurity Audits
BDO IT Risk Advisory professionals are certified in various cybersecurity frameworks and methodologies. At BDO we perform various internal audits and assessments around cybersecurity risks and controls to evaluate how your organization is keeping up with the ever-changing world of cyber risk. BDO has experience with NIST 800-XX, ISO 27000, CMMC and countless other cyber frameworks and methodologies. Our approach to assess your organizations cyber risk is outlined below.
