Today I asked a few more questions and the response I was given allowed me to accept the Intermediate ISO position. I will serve as the ISO for a duration up to a year. I the event I do not get hired I will retain the monetary promotion and have a year experience as ISO for my resume.
It may prove to be a challenging year, but I love a challenge so it could be a good year.

Back a few months ago I applied for the Information Security Officer position. I was interviewed and was not selected with the reason that I am not flexible. It pissed me off because then they reposted the position looking for someone. They did not get what they wanted so they posted it again at a higher salary. It is still posted until filled or August 31st 2014.
Today I was asked, by the individual who informed me the first time I dis not get it, if I would consider accepting the position. It will be as the intermediate ISO for 6 to 12 months. Shit! This is frustrating! I know that I have basically been doingsome of the job for 6 months. There is a lot of high profile serious changes getting ready to come down the pipe. I believe I can do a first e job, but am not 100% sure I want it.
It as about a month ago I finally came to terms with the idea that I did not get the position, but can continue to do a great job in my current position. I was also promised a pay raise as I have not had one in 11 years.
So :

Current job :
Plug along getting the stuff done with a small pay incentive.
worry about who they may have fill the ISO position.
Possibly have a team of 5.

Accept New SA3 position and ask for a fair salary increase.
Be appointed intermediate ISO.
Possibility for promotion to permanent ISO
Get ISO experience for possible future job change.
be more involved in the direction of the security team.
loose 1 position for a team of 4
Deliver executive presentations
More executive interaction

Plus other items not yet listed.

I will make a decision this weekend!
Time for bed. Good night.