Significant Pillars Of Corporate Governance, Role Of Governance And Management In Irish Organizations

Difference between Governance and Management

Successful corporate governance pillars are accountability, transparency, fairness, independent assurance, leadership, and stakeholders’ management (Clune and Zehnder 2020).

• Accountability refers to the embracement of the strategies and tasks required to achieve the organizational goal.
• Transparency refers to the critical component that ensures that all the activities are done and checked with the disclosure.
• Fairness concludes that all the stakeholders need to be treated fairly and equally to provide effective redress for the violations.
• Independent assurance in corporate Governance provides the professional and independent opinion for reducing the risks on the information.
• Leadership provides the organization with direction to establish the right culture to drive the performance of the business.
• Stakeholders Engagement are charged to manage the annual schedule in the strategic plan.

Thus, it can be stated that these are the significant pillars of corporate Governance that are implied in an individual organization.

The main difference between Governance and management is that Governance provides transparency, and management ensures the planning and processing of a company (Pahl-Wostl 2019).

Role of Governance	Role of Management Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper
· Governance ensures the change in the ownership structure of Irish organizations. · Minimizes the agency problems in the company.   · It helps the Irish companies in risk mitigation and compliances. · Protects the stakeholders by defining the individual relationship.	· Maintenance of the organizational task and responsibilities · Ensures all the resources are used properly in the company. · Helps to plan the productivity to ensure and manage the costs. · Focus on the organisation’s efficiency by maximizing the output and minimizing the input.

Thus, it can be stated that the role of Governance and management equally plays an important role in the organizations or Ireland.

Different issues have not been solved in Ireland, like corporate quality, sustainable growth, data protection, and an environment of mistrust. The major unsolved issue in Ireland companies is maintaining corporate quality. The corporate quality depends on the evaluation of the board members and tasks. The irregular feedback of the board members on the corporate quality and evaluation report is considered the main issue. Another major issue of the corporate sectors of Ireland has short-term goals and objectives towards the organization. The short-term goals and responsibilities occur when the board members do not provide the commitment towards the company (Erikainen et al. 2021). Data protection can be defined as another unsolved problem of the company, which refers to the lack of protection on the data and environment of mistrust that refers to the scam, frauds and misuse of the data.
These are the most common unsolved issues of Irish companies which cannot be solved permanently. There might have been temporary solutions, but the issues are still not permanently solved.

The main focus of the Cadbury report was to improve the oversight of the organization’s financial reports and strengthen internal control. The failure in Governance was the main factor that led to the Cadbury report, which Sir Adrian Cadbury chaired. The committee was set to respond to the concerns about the perceived low confidence level in both financial sectors and the ability of auditors to provide the protection (Achtenhagen et al. 2018). The report includes a wide range of topics like board leadership, effectiveness, remuneration and accountability. Thus, it can be stated that the authority was someday to raise the confidence levels and the Corporate Governance in the financial reporting and audit the clear vision.

The Sarbanes-Oxley Act of 2002 is the U.S law passed to help the investors from financial fraud cases that the corporations reported. The Sarbanes-Oxley Act came in response to the financial scandals in the early 2000s involving renowned public traded companies like Enron, Tyco and WorldCom that resulted in the loss of billion dollars. The huge loss negatively impacted the financial markets and investors’ trust. The high-profile fraud changes the investor’s confidence in the trustworthiness of the corporate financial statements, and it leads the individual to demand an overall regulatory standard for financial safety. The act was created with strict rules for the accountants, corporate officers and the auditors with the strictest record-keeping requirements (Gorshunov et al. 2020.). Thus, it can be stated that to rebuild the stakeholder’s confidence and provide protection to the corporate’s financial sector, and the art was built.

Role of Governance

As per the act of Sarbanes-Oxley 2002, the investors were provided with the struct rules of the strict rules to protect the financial sector of an organization. The Sarbanes-Oxley Act changes the management responsibilities in the financial sectors of an organization. The main implications of the art are that it ensures the top managers are certifying the financial report accurately. If any of the managers willingly createsg a false certification, then the individual willfaceg 10-20 years of prison. The act strengthens the disclosure requirements (Chu and Hsu 2018). Public companies are ordered to disclose the material off sheet arrangements like special purpose entity details, operating leases and yearly expenses, including the internal transactions. The also ensures that the companies perform extensive internal control tests and make an internal report with the annual audits. Thus, it can be stated that the act protects all the financial sectors of an organization by regular processes and regulations.

There are different types of laws similar to the Sarbanes-Oxley Act law. Consumer protection law is one of the similar acts which Ireland has adopted. The consumer protection law was implied in Ireland in 2007, considered one of the most important Irish legislations. The law helps in the improvement of strengthening employees’ rights. It protects the consumers by inspecting the individual who tries to share the wrong, unfair and aggressive trading with the consumers (Bertucci, Skufca and Boyer?Davis 2021). The act allows the minister to set the price and regulations on how the prices should be done. It includes various penalties for various types of offences like violations of acts like providing fake information and aggressive behaviour. Thus, it is concluded that the Consumer Protect act exist in Ireland which exist in Ireland.

The IFA refers to the independent financial advisors who provide independent financial advice to the clients by analyzing the future financial goals. Hiring the IFA may sometimes cause issues, like the individuals I’ll not have the best interest in mind for the organizations. Financial advisors cost a lot of money via commissions and fees. Some of the advisors charge a percentage of the total annual portfolio. Some of the advisors charge an ongoing general annual fee (Macfarlan and Zick 2020.). Some charge the one-off service fee, which becomes unpredictable sometimes and may affect the organizational budget. There is no guarantee all the advisors will be competent. Choosing the wrong IFA may cause a huge loss for the organization. Thus, even though IFA provides great benefits, it comes with some basic issues.

Maintaining and creating Governance requires proper cooperation in many sectors and entities. There are different types of issues that occur in an organization while maintaining Governance. Conflict of interest is one of the major issues of governance failure. It usually occurs when an officer or other senior member of the organization has some financial interest that conflict with the objectives of the company (Subhayano et al. 2021.). Not having the proper board of directors creates the oversight issue, another factor of Ireland’s governance failure. Oversight issue includes the board’s awareness about the organization staff’s regular activities. Accountability is another major issue in governance failure. Accountability issues caused the governance failure in many sectors of Ireland. Thus, it can be stated that the different issues of Ireland are causing the failure of Governance in organizations.

Role of Management

The OCED principle of Governance ensures the companies use the Governance properly and followed processes to resolve the issues. The six principles of OCED are- conformation of the basics of an effective corporate governance framework, the treatment of equal rights and equity of the shareholders and key owner functions, analysis of the stock market, investors and other intermediaries, confirmation of the role of stakeholders in the corporate Governance, keeping the disclosure and transparency and the last principle ensures the responsibilities of the board members (Haller 2019). The six principal functions ensure and help policymakers improve the legal, regulatory, and organizational Framework for Corporate Governance. Thus, it can be stated that the six principles of OCED are done to evaluate and improve the regulation of an organization.

I.T. Governance is referred to as the process by which I.T.’s effective and efficient use is confirmed. I.T Governance provides the leadership, structures and processes that enable an organization to ensure that the I.T. services are used properly and effectively. It focuses on evaluating and directing the use of I.T to support the organizations, monitoring the I.T. performances for organizational benefits, using the I.T. policies and strategies to achieve the organizational goals and purpose, and it also aligns the I.T. strategies with the organizational goals. Thus, it can be concluded that I.T Governance ensures the assistance on using I.T. services in an organization to face and solve the challenges (Gregory et al. 2018).

There are a few differences between I.T governance and corporate Governance, which include different purpose, process and procedures.

I.T Governance	Corporate Governance
· I.T. Governance is the set of rules that ensures the right use of I.S. services in an organization. · I.T Governance aligns the business value with the I.T strategies. · I.T Governance provides the manner to support the investments for using I.T services in the organizations.	· Corporate Governance is the set of rules and procedures that ensures the organization’s success. · Corporate Governance provides the right procedures and processes to run the organization safely. · Corporate Governance builds the environment of transparency, trust and accountability for long term support, transparency

Thus, it can be concluded that even though the processes are different, both Governance is beneficial to the organization (Kovermann and Velte 2019.).

The main international standard for I.T Governance is the ISO/IEC 38500:2015. ISO/IEC 38500:2015 is defined as the set of organizational governance domains. The standard is implied to set the principles, definitions, and frameworks for organizations of all sizes and levels to ensure the individual can descend the I.T strategies with the organizational processes and rules. It also helps the organization meet its goals and face legal, regulatory, and ethical obligations (Calder 2019). The processes are controlled by the legal authorities and the organizational heads for future updates and usage. It includes the assistance of every shareholder for efficient impact. Thus, it can be stated that the standard ISO/IEC 38500:2015 ensures the proper use of Governance in an organization.

The I.T governance plays one of the most important roles in managing the I.T services. The I.T governance is strongly effective as it ensures the right skills for managing the risks on services. It should be implemented to control and identify the factors that can cause future problems. The effectiveness of the I.T governance can be defined by the organization’s value delivery, strategic alignment, performance and risk management, and resource management. It also helps in demonstrating the results against the broader goals and strategies (Mikalef et al. 2020). Governance should be applied to the leadership, organizational structures and organizational processes to ensure the sustainability of the organization’s strategies and objectives. Thus, it can be stated that the I.T governance is highly effective and ensures the efficiency of the I.T services.

Common Unsolved Issues in Irish Companies

The four main high-level goals of I.T governance are value delivery, strategic alignment with business, risk management and resource management.
The primary goals of I.T governance focus on assuring the investments in I.T generated businesses values, and it helps mitigate the risks associated with the I.T. services and technologies. It ensures the leadership, organizational structures and processes to support the organizational goals and strategies. The activities and functions support the objectives investment to maximize it (van Zanten and van Tulder 2021). It also focuses on managing responsibly and effectively managing and using resources. Thus, it can be stated that I.T governance plays a vital role in many sectors, especially in value delivery.

The I.T. governance provides the benefits to manage the services and technologies of I.T in an organization. It provides control and oversight to the I.T system by aligning the goals with the management to fulfil the requirements. It is also important to provide the I.T vision to the I.T unit of an organization. It also helps the organizations monitor accountability for the I.T activities to ensure that I.T enables are supporting the organization’s objectives. By aligning the business strategies with the I.T (Joshi et al. 2022). strategies, the efficiency and goals of the organizations are achieved. The I.T governance also ensures the effectiveness of the services and processes. Thus, it can be stated that I.T Governance provides assistance in all the sectors relayed to I.T and provides security to all the consumers.

I.T Governance plays a vital role in every organization that provide I.T. services. The main purpose of I.T governance is to mitigate the risks, generate business values and provide security to the services. Implementing I.T Governance helps the organization focus on the organisation’s internal and external requirements (Wautelet 2019).

• Helping then companies to be more efficient.
• Provides a solution for I.T strategic planning and procedures.
• Provides the connection to the strategic business goals and I.T projects
• Provides assistance in project management for the organization.
• Helps in compliance and Governance.
• Helps the organization to manage the risk on I.T projects and services.

Thus, it can conclude that implementation of I.T governance provides the best frameworks and practices for securing and managing I.T services and technologies.

The main relation between good I.T governance and best practices is that governance cannot be considered governance without good practices. Governance is considered good Governance when it presents a mature, stable overall structure that manages performances, resources, and risks and provides accurate values for the organizations. The good practices that help achieve good Governance are building a strong team and evaluating the performances (Khouja et al. 2018). All the teams must have writers with the proper knowledge and expertise relevant to the business and projects. The team and the organization must set the proper roles and responsibilities to get the work done effectively. Providing oversight to the members about the policies and procedures. The team of I.T Governance must identify and assess the risks on the projects and services.

COBIT DS5 (Control objectives of the information and related technology) helps the organization solve the challenges in regulatory compliance and ensures system security. It includes the maintenance of I.T. security roles, responsibilities, standards, procedures and policies. The DS5 includes different parts, like checking if any device is available in SecurityTrack (Wibowo 2018). If there is no device found in SecurityTrack, the failure conditions are stated. Suppose the devices are configured in SecuriyTrack. Proper steps are taken to identify and mitigate configuration errors. The risk in this frame occurs as it requires a wide range of knowledge to understand the framework. The risks are also associated with the use, ownership, operation and adoption of I.T services.

The Cadbury Report

The COBIT DS5 ensures the organization’s quality, controls, and required information. Good I.T governance relies on factors like good management support, organizational analysis, transparency, proper financial resources, and human resources. COBIT DS5 links the business goals with the infrastructure by providing the different models that include the four steps planning, delivering, implementing and evaluating. The various components of COBIT help the organization to achieve its goals. Like framework, process description, control objectives, and maturity models help understand the scenario better and measure performances (Loisa et al. 2018.). It directly helps in the risk, security and assurance sectors of I.T sectors. Thus, it can be stated that to have effective and good I.T governance COBIT DS5 is important. It can assist in achieving the desired goals.

Risk assessment refers to evaluating existing security controls and assessing the good usage against the potential threats. Risk management is the systematic way to manage and handle the risks by different policies, procedures and practices. Corporate Governance provides the set of procedures, rules, and frameworks that help identify the information, which prioritizes the information of security assets and I.T. infrastructure to analyses the risks. Risk management is by identifying the risk planning, the step and budget of mitigating the risks set by corporate Governance (Hegde and Rokseth 2020). Corporate Governance identifies the potential hazards to the organization migrating and reducing their impact. Though these are different factors, risk assessment and management are connected as without information; the risks cannot be managed.

The main difference between risk and uncertainty is risk can be measured, but uncertainty cannot be measured.

· Risk

Uncertainty

· Risk is the possibility of a bad outcome in a business. It is the chance that an actual outcome can differ from the expected outcome (Fleurbaey 2018). · Potential risks are usually known · Risks can be measured and identified by different theoretical models. · As it can be identified so the risk can be managed and controlled by a proper set of procedures. · Example of risk – Working on a project after a natural disaster led to a chance of financial loss.

· Uncertainty is the lack of certainty about something specific. · Potential uncertainty is unknown · Uncertainty cannot be measured. · Uncertainty cannot be identified, so controlling and managing uncertainty is impossible. · Ex- Uncertainty- changes in customers’ preferences can be considered uncertainty.

 The risk management standards are the set of strategic processes set with the overall aspirations and objectives for the organizations. The risk assessment standards ensure the safety, quality and reliability of the risk and the solution related to the risks. The standards contain the technical specification related to risks. It helps the individual make risk management processes simpler and more efficient by the proper structure and plans. The risk management standards are the guide to help ensure the risk are carried out correctly. It includes the checkpoints and is created to help the individual who needs guidance about how the risk should be analyzed and managed (La Merrill et al. 2020). It also helps the organizations implement the tested, tried, and approved strategies to work. ISO 31000: 2009 ISO/IEC 31010: 2009 are examples of risk assessment standards.

 There are different types of risks, and one is different from another.

Business risks	Audit risk	Security risk	Continuity risk
Business risk is the exposure the company faces which lowers the company’s profit or leads to failure.	Audit risk is the risk when the financial statements are made incorrectly.	Security refers to someone of something which could damage the organization by sharing information inappropriately.	Continuity risks are referred to as the risks which disrupt the functioning business.
There are different business risks like strategic, compliance, operational, and reputational risks.	The different types of audit risks are Material misstatement and detection risk.	Security risks include malware, DoS, phishing, Password attacks and insider threats.	Cyber-attacks, adverse weather, security incidents, fire accidents and utility supply.
Examples- Financial risk when the company faces a loss in some project.	Examples- Applying to the wrong ratio while evaluating face value accuracy (Willoughby et al. 2021).	Examples- Unauthorized access to the personal system.	Examples-Sudden cyber-attack on a process of business.

A business continuity plan (BCM) is creating a systematic plan for the business to prevent and recover the potential threats on the company.

• BCM helps the company keep the business trading before and after any incident. It helps the organization to recover the operations as quickly as possible.
• It reduces the duration a cost of any project disruption.  
• It also helps in mitigating financial risks and exposure.
• Builds customer confidence and trust. BCM also safeguards the company’s reputation.
• Ensures the acceptable and unacceptable risks of the organization.
• Helps the business to gain confidence in business planning and risk mitigation.

For example, if a company suddenly faces a virus attack on the company assets, BCM can be applied to identify and mitigate the risks (Fani and Subriadi 2019).  

The continuity recovery plan refers to the ways to recover and secure the damaged data and files of the organization. The main advantages of a continuity recovery plan are cost efficiency (Kato and Charoenrat 2018). It increases employee productivity by assigning the right people with the right roles for recovery processes. The plan maintains a high quality of services in every circumstance. The plan also provides a better understanding of scalability.

The Sarbanes-Oxley Act of 2002

The major disadvantages of the plan come with a weak planning structure which can damage and fail the recovery plan. The low plan structure can cause data loss. The wrong planning can lead to high waste of time and budget. Thus, it can be stated that the continuity recovery plan helps the individual with cost efficiency, scalability and productivity, and not having the proper plan structure may cause financial and data loss.

The six phases of BCM are setting the strategies, developing the strategies, managing the strategies, responding, reviewing, and embedding the strategies. Invoking the service providers will help keep the good workflow of the operation that is essential to the business. Helps in customer service response and supply; the service providers will help predict the cost directly, assist in reducing the cost, decrease downtime, and increase productivity (Kroics 2018).

Doing the task on our own may become risky and inefficient. It may lead to budget risk scheduling risks. Without the proper service, it becomes tough to manage the tasks by planning operational, market, legal, and strategic risks. Communication with the vendors become time-consuming and less effective. Thus, it can be concluded that having the proper service provider will always ensure the efficiency of BCM.

The key elements of contingency planning are protection, detection and recoverability. The plan is defined as the process of the activities designed to help the organization respond to events or activities which may or may not happen (Sullivan, White and Hanemann 2019).

• Protection in the contingency provides future insurance for the individuals. It is designed with the framework to protect the business and employees from future risks.
• The detection refers to the possible risk that might occur in future to the organization. Identification and analysis of the risks are predicted during the phase.
• Recoverability refers to the phase where the planning to recover the damaged are executed. After identifying and detecting the risks, the recovery plan is set.

Thus, the key factors of a contingency plan are executed when the risk is identified. The factors that the risks are properly identified and properly managed.

Every recovery can face failure because of accidents or other issues. The top five factors that lead to disaster recovery plan failure are-

• Failure in identification and understanding of the disaster recovery dependencies. It usually happens when the plan does not include proper recovery strategies.
• Understanding and neglecting software comparability issues which hamper and render data unrecoverable.
• The inadequate testing usually occurs when the team fails to check the plan frequently to ensure the plan is going right (Wang et al. 2019).
• Failure in malware and data corruption is another issue that leads to disaster recovery plan failure usually happens when the teams fail to protect the company from malware and corruption attacks.
• Failure in following the media management, which includes the mishandling of data, happens when the team fails to handle the archived data and files.
  Thus, there are different types of issues that can hamper the disaster recovery plan.

• Setting the priorities for the recovery plan that should be done once the disaster has occurred.
• Setting the team for the recovery plan should be another major factor as it will help execute the recovery process successfully (Delilah Roque et al.2020).
• Identifying the equipment required to execute the recovery plan is another factor.
• Setting the communication process with the stakeholders is another important key factor as it sets and inspects the continual process for recovery.

The main concept of compliance is that an organization should act responsibly, maintaining the legal frameworks. Keeping track of different compliances will help the individual to understand and avoid criminal charges. Maintaining and following the compliances will build a positive reputation. Following the safety and security compliances will prevent accidents in the organizations. Corporate Governance is required as it sets the company’s behavior towards risk management. Compliances embody that behavior by specific laws and regulations (Huising and Silbey 2021).

The factors that ensure the compliances an organization should comply with are the identification of the applicable regulations. Determination of the regulatory requirements, the documents of the compliance processes, enterprising the specialization and unmatched reporting solutions can help one choose the right compliance. The compliance standards refer to the presentation of the compliance controls that must be controlled and tested. The basis compliances may not be enough always for meeting the legal obligations to protect the safety, welfare and health sector of the organizational members. Thus, it can be concluded that standards determine the importance and safety of the compliances, and it may not be enough always (Rahimi, Kiaghadi and Fallahian 2020).

Every organization need protection against random cyber-attacks and security threats. Malware, data breaches, cyber-attacks are the common threats every organization faces nowadays. Information security protects an organization’s ability to function and enables the safe option for the applications implemented on the organization’s I.T. systems. It protects the data and information that the organizations collect and use. Information security also focuses on the organizations’ technology and protects it.

Similar Acts to Sarbanes-Oxley Act in Ireland

ISO/IEC 27002 is the information security, privacy protection, and cyber security standard that includes the program’s recommendations to perform, audit, and assess the competence. The main motive of the standard is to guard and protect the sensitive information of the organization (Diamantopoulou, Tsohou and Karyda 2019).

External Context	Internal context
· Market and customer funds that increase the adoption of cloud services. · Technological trends and innovation may render the security controls. · Political and economic conditions are another external context of ISO27002, which refers to the change when the policy, trends and currency change.	· Knowing the organizational structure, including roles, responsibilities, and hierarchy, will assist in defining where the position of ISMS lies. · Availability of the resources help in the planning of the information should flow. · Contractual relationships refer to understanding the relationship with the stakeholders and customers.

ISO 27002 provides the industry practices for protecting the availability, confidentiality, integrity of the information. There are 11 sections in this standard that include-

• Security policies are the implementation and review of the information security policy objectives.
• Organization of information security defines the framework for managing and approving the security policies (Kurniawan 2018).
• Assess management that is the inventory and classification of the information assets
• Human resource security, to provide the protection the information and H.R. sectors
• Physical and environmental security protects the facilities and premises containing sensitive information.
• Communications and operation management are the assignments of responsibilities and procedures to manage the information and changes (Tian et al.).
• Access control that restricts access to information and data.
• Information system maintenance is the specifications required to ensure the security of the systems all over.
• information security incident management is the formal procedure for reporting incidents and flaws related to the I.T. sectors
• Business continuity management refers to the protection of critical business processes against impacts caused by a system failure
• Compliance with legal, regulatory, security, and obligations protects information, property, and privacy.

Data protection act gives the individual right to access and own the information about themselves in an organization. This sets the plan for storing, collecting, and processing the information (Cornock 2018). It provides a set of rules about the personal information that should be used. Suppose anyone is compliant with the Data protection act. In that case, the individual will be able to know what personal information is collected and shared, locate the personal information quickly, destroy the personal data when it is not needed, keep the personal data up to date and store the information securely. Suppose one gets to know that our rights have been violated. In that case, the individual should contact the local DPA (data protection act) authority and complain about it and take legal action against the organization or the responsible individual.  

The general data protection regulation is the legal framework that guides the individual who lives in a European nation on how personal data should be collected and protected. It provides the set of requirements that individual organizations should adopt to protect the data privacy of European citizens. The act relies upon the seven principles that are lawfulness, purpose limitation, accuracy, storage limitations, accountability, integrity and data minimization.

The major challenges that affect the Irish SEMs are- Excessive requirements by the European legislation for the individual becomes challenging to follow (Zaeem and Barber 2020). GDPR is very process-driven as it sets out the specific processes and steps for protecting data privacy. GDPR may affect the company’s budget, so it makes the individual rethink the policies and compliances. Another challenge that may affect the Irish SMEs is the notification about the data breaches and the not getting the information of whose data was impacted. Thus, it can be stated that even though GDPR provides protection but it also comes with risks that are needed to keep in mind.

• Weak password security that can easily let anyone access the personal device and get the required information,
• Cost management is also another threat in cloud computing as cloud services may be expensive for some people, so managing the cost of data protection can be a problem,
• Internet connectivity is one of the common issues of cloud services. As cloud services are mostly accessible with the internet, interrupted internet connectivity may cause a problem for Irish companies (Sadeeq et al. 2021).
• Insider threats occur when the local or people inside the company tries to violate someone’s personal information illegally.
• A weak control panel is one of the main issues in data loss as it becomes challenging to protect data with a weak or faulty panel in an organization.
• And data breaches refer to unauthorized access to personal information and data. In data breaches, the information is copied, collected or even shared without the individual’s permission.

Thus, it is concluded that there are different issues of cloud services that include a weak control panel, data breaches, insider threats and weak passwords, which hampers the data protection of the individuals.

Data Controller

Data Processor

· Data controller plays an important role in GDPR and other protection laws as it controls and sets the procedures, processes and purpose for data usage (Hintze 2018). · The data controller modifies the changes and sets the plan to how and where the data should be used. · The data controller decides where the data should be kept, how long it should be kept and when to dispose of it · Example- Payment provider can be considered the data controller as the individual knows exactly where and what to do.

· Data processor simply processes the data provided by the data controllers. · Data Processor designs and implements the I.T. processes, which enable the data controller to control data. · Data processors transfer data from controller to organization and vice versa (Kurtz and Semmann 2018). · For example, an outsider company or outsourcing can be considered the data processor as the individual is responsible for processing and disposing the data.

PCI DSS (Payment card industry data security standard) is required for the individual who manages the data (Mahmud et at. 2020). It applies to all the entities storing, processing, and transmitting cardholder data. The standard covers the operational and technical system components. The standard can be applied to provide and enhance the security for the individual by setting the guidelines a procedure. The guidelines and procedures are set for the companies to accept, set, store, process and transmit the information. The standard also handles the data by the computer systems, separates the program execution, guards the employees against data theft and internet-based instructions, proper hard drives disposal and tracking of human resources.

Issues with Hiring Independent Financial Advisors (IFA)

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