The second target is gearing up to meet the internal audit standards set out in Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX 404"). This subject is also high on the priorities of the Banking Supervision Department, and of the whole banking system, and will be for the next two years.
I have learned from my experience in Citigroup that SOX 404 is a burden, but I also know that it greatly improves management's internal control. These two important projects together constitute an overall format of management and control that will instill the highest standards in Israel's banking system, standards consistent with the most advanced world wide.