What is Information Technology (IT) Governance?
Importance of IT Information Technology (IT) plays a vital role in managing transactions, information & knowledge that is necessary to initiate and support economic and social activities. These activities, to be successful, are depending on globally cooperating entities. In many organizations, IT is essential to support, sustain and grow the business. Many organizations recognizes only the potential benefits of the technology but the successful organizations recognizes as well as understand and manage the risks associated with the new technology.
The major organizationâ€™s concerns are: â€¢ Align IT governance with corporate governance â€¢ Applying strategies to achieve goals â€¢ Providing organizational arrangement that helps in implementing the strategy achieving the goals â€¢ Review and evaluate IT performance
IT Governance IT Governance is all about accountability of the management to the control of IT and delivering value to the business by using the technology. IT Governance answers the above concerns. This is possible by having an organized structure or framework for control and measurability of IT. An example of such a framework is COBIT. IT Governance is a set of policies, processes and procedures that support IT.
COBIT COBIT (Control Objectives for Information and related Technology) is an IT governance framework that ensures proper control and governance over the information and systems. It allows managers to deal with control requirements, technical issues and business risks. COBIT highlights the regulatory compliance which increases the value to the organization and also better alignment with IT governance and organizationâ€™s objectives.
Conclusion IT governance addresses the strategic alignment, performance management, risk management, delivery and resource management. Since IT governance is a part of the corporate governance and consists of leadership and organizational structures and processes, it helps in achieving organizational objectives. Effective IT governance helps in maximizing business investments in IT and appropriately manages IT-related risks and opportunities.