Question

What is IT governance referring to a Company?

Why is IT governance important to a company and  How does one implement it.

Answer 1

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What is IT governance referring to a Company?

IT governance provides a structure for aligning IT strategy with business strategy. By following a formal framework, organizations can produce measurable results toward achieving their strategies and goals. A formal program also takes stakeholders' interests into account, as well as the needs of staff and the processes they follow. In the big picture, IT governance is an integral part of overall enterprise governance.

Why is IT governance important to a company and  How does one implement it.

Organizations today are subject to many regulations governing the protection of confidential information, financial accountability, data retention and disaster recovery, among others. They're also under pressure from shareholders, stakeholders and customers.

To ensure they meet internal and external requirements, many organizations implement a formal IT governance program that provides a framework of best practices and controls.

Both public- and private-sector organizations need a way to ensure that their IT functions support business strategies and objectives. And a formal IT governance program should be on the radar of any organization in any industry that needs to comply with regulations related to financial and technological accountability. However, implementing a comprehensive IT governance program requires a lot of time and effort. Where very small entities might practice only essential IT governance methods, the goal of larger and more regulated organizations should be a full-fledged IT governance program.

Implementation

The easiest way is to start with a framework that's been created by industry experts and used by thousands of organizations. Many frameworks include implementation guides to help organizations phase in an IT governance program with fewer speedbumps.

The most commonly used frameworks are:

• COBIT: Published by ISACA, COBIT is a comprehensive framework of "globally accepted practices, analytical tools and models" (PDF) designed for governance and management of enterprise IT. With its roots in IT auditing, ISACA expanded COBIT's scope over the years to fully support IT governance. The latest version is COBIT 5, which is widely used by organizations focused on risk management and mitigation.
• ITIL: Formerly an acronym for Information Technology Infrastructure Library, ITIL focuses on IT service management. It aims to ensure that IT services support core processes of the business. ITIL comprises five sets of management best practices for service strategy, design, transition (such as change management), operation and continual service improvement.
• COSO: This model for evaluating internal controls is from the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO's focus is less IT-specific than the other frameworks, concentrating more on business aspects like enterprise risk management (ERM) and fraud deterrence.
• CMMI: The Capability Maturity Model Integration method, developed by the Software Engineering Institute, is an approach to performance improvement. CMMI uses a scale of 1 to 5 to gauge an organization's performance, quality and profitability maturity level. According to Calatayud, "allowing for mixed mode and objective measurements to be inserted is critical in measuring risks that are qualitative in nature."
• FAIR: Factor Analysis of Information Risk (FAIR) is a relatively new model that helps organizations quantify risk. The focus is on cyber security and operational risk, with the goal of making more well-informed decisions. Although it's newer than other frameworks mentioned here, Calatayud points out that it's already gained a lot of traction with Fortune 500 companies.

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