In: Accounting
COBIT is an IT management framework developed by the ISACA to help businesses develop, organize and implement strategies around information management and governance
5 CORE PRINCIPLES OF COBIT 5
1. Meeting the needs of key stakeholders.
2. End-to-end and comprehensive coverage of the entire
enterprise.
3. Integrating several frameworks into one unified framework.
4. Making way for a holistic approach to running your
business.
5. Separating management from governance.
According to ISACA, the improvements and updates to COBIT 5 are meant to:
• Make information sharing more streamlined across and within an
organization.
• Achieve the business goals by mixing strategy and IT
together.
• Minimize risk related to, and have more control over, information
security.
• Optimize various costs associated with technology and IT.
• Integrate more recent research findings by ISACA into the COBIT
framework.
There are several ways that COBIT 5 would be beneficial to different businesses and different functions. Aside from the ability to supervise and manage your information security more effectively, that is.
For instance, COBIT 5 can help audit and assurance companies manage vulnerabilities as well as ensure compliance.
In risk management, COBIT forces you to assess and then improve on enterprise risk. It is also a good way to keep ahead of the ever-changing regulatory requirements and compliance.
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