Question

Considering the responsibilities listed below, what would a company's financial department have to do for each of the principles to ensure IS security by OECD's standards?

Financial Department Responsibilities

1. Payroll
2. Paid time off
3. Retirement plans
4. Medical plans
5. Accounts payable
6. Accounts receivable
7. Investments
8. Loans
9. Interacting with financial departments of other companies

OECD Principles

1. Awareness- Participants should be aware that the information systems and networks need to be secure and what they can do to improve the security.
2. Responsibility- The security of the information systems and networks is indeed the responsibility of all participants.
3. Response- Participants should take prompt and coordinated action to prevent, identify and respond to incidents involving security.
4. Ethics- Participants would value each other's legitimate interests.
5. Democracy- Information systems and network security should be well-suited with the democratic society's fundamental principles.
6. Risk assessment- Risk assessments should be carried out by the participants.
7. Security design and implementation- Participants should include security as a key component of information systems and networks.
8. Security management- Participants will follow a systematic security management strategy.
9. Reassessment- Participants must analyze and re-evaluate the information system and network security, and also make necessary adjustments to any security policies, measures, processes, activities and procedures.

Answer 1

Payroll = Financial department is responsible to disburse the pay of the employees by bank transfer into a bank account used for the official’s payroll transfers.

Paid time off= Financial department is responsible that the salaries shall be paid on the twenty-fifth day of the month or on the last working day preceding that day

Retirement plans = Financial department is responsible that at the time of retirement or on the termination of service of a staff member, the Organisation shall draw up a statement of his pension rights on the form provided for this purpose. The Financial department shall be responsible to take a pension plans for each and every staff the organisation.

Medical plans= The organisation may be affiliated to the medical and social system of the Organisation or be entitled to complementary cover for health care expenses under conditions determined by Instructions subject to payment by the official or the receiving institution of all contributions in respect of the risks covered.

Accounts payable= Financial department is responsible on the regularity of the procedure, the appropriateness of the choice of supplier and the terms and conditions of the proposed contract before its signature. Should the opinion of the Procurement Board not be followed, this occurrence shall be reported to the Procurement Board, together with the relevant explanations.

Accounts receivable= Financial department is responsible for timely processing and management accounts receivable.

Investments= All moneys deposited with banks, all securities and investments and all other assets which are the property of the Fund shall be deposited, acquired and held in the name of the Organisation.

Loans= The Higher authority may authorise loans at his/her discretion. The rate of interest shall vary throughout the period of refund in relation to the financial market situation. The financial department is responsible to comply with the rule laid down and framed by the higher authority.

Interacting with financial departments of other companies= Financial department may interact with other companies to require decisions with non-financial implications to be brought to its attention, such as issues relating to employment, health and safety, the environment.