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Essay on role of IT in governance
What is the importance of governance
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IT Governance consists of the leadership, organizational structure and processes that ensure that the organization’s IT sustains and extend the organizational strategies and goals. IT governance makes sure that IT related decision should match company objectives.
Structure IT governance committee works along with corporate managers to ensure that IT is well synchronized with the business and delivers value to organization. IT governance also aid companies in project approval and performance management plans.
Relation between IT execution and IT governance
1) Risk: Risk is the major factor why IT governance is required. Risk is an uncertainty which can come anytime. There are so many risk factors which can come during execution of plans like
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To control these IT risk COBIT framework was formed. COBIT stands for Control Objective for Information and related Technology. COBIT framework is developed by IT Governance institute which helps organization to balance their risks vs. returns in an IT environment and ensure proper alignment of business needs with overall IT processes. COBIT provides a set of recommended best practices for control process and governance of IT in order to align IT with business. IT best practices have become important because of following …show more content…
Need of meeting regulatory requirements for IT controls in financial reporting and specific sectors like finance, healthcare and pharmaceutical.
There is an increase in complex IT related risk for example network security.
IT governance initiatives that adoption of control frameworks and best practices will help in monitoring and improving critical IT activities to increase business value and reduce business risk.
Enterprises want to know their performance. They want to know how they are performing against generally expected standards against their competitors.
COBIT is illustrated by a process model in which IT is divided into 4 domains and 4 domains are subdivided in 34 processes in line with the responsibility area of plan, build, and run and monitor providing an end-to-end view IT.
COBIT DOMAINS
Plan and Organize (PO)
This domain includes identification of strategy and tactics and concerns, how IT can best contribute in achieving business objectives. This domain addresses the following management questions.
Is IT and business strategy aligned?
Is the organization achieving optimum use of its
The specific obligations in this case would include monitor corporate governance activities and compliance with organization policies, and assess audit committee effectiveness and compliance with regulations
Governance – Who will be responsible for managing the development of the IT strategy and the ongoing oversight of it? Without clear accountability, the delivery of successful outcomes is
Davis, C., Schiller, M., & Wheeler, K. (2011). IT auditing using controls to protect information assets (2nd ed.). New York, NY: McGraw Hill.
Being the highest senior executive accountable for Information Technology (IT) and computer systems, they also have administrative functions such as creation and implementation of policies and procedures. Likewise, the CIO directly handles the IT employees and provides an adequate performance review based on Key Performance Indicators of the department.
The Organization for Economic Co-operation and Development (OECD) defines governance:" the system that directs and controls the business of the company, which describes and distributes rights and duties between different parties in companies, such as the board of directors and the shareholders, and establishes the rules and procedures that are necessary to take the
The application of GRC policies provides many advantages including ranging from improved effectiveness to reducing cost. GRC employs a much broader, integrated, and more proactive approach that’s purpose is to take full advantage of any and all opportunities and resources available. When properly arranged, GRC can help ensure controls are appropriate, operate effectively, addressed risks as intended, and resources are used efficiently. “More importantly, GRC can help provide assurance to the board and senior management that the entire system of governance, risk, and compliance is effective and high-performing. Also, improved transparency regarding GRC performance through effective metrics, measures and monitoring.”Benefits of GRC also include increased stakeholder confidence, improved responsiveness and readiness of the organization to address risks, and an enhanced flow of consistent information throughout the
Identify the potential risks which affect the company and manage these risks within its risk appetite;
Governance is other than simple administration. It is not merely considering conclusion making, scheme plan, main concern backgrounds but also a culmination and outcome.
The risks in I. S. are the reverse of the control objectives and must be treated as business risks. As such they are the responsibility of executive management with enforcement at a technical level. Obviously, the relative importance of risks will vary and the control techniques will vary from industry to industry and from company to company. The risks may be minimised but they can never be totally eliminated.
Though the idea of Governance is not new and is as old as human civilization, recently, the term Governance is widely used; yet, with various definitions to the term. In a basic send, Governance is defined as city, a company, etc. is controlled by the people who run it (Merriam-Webster Dictionary, 2015). Governance can also be identified to describe a process of policy formulation in which state actors share power with private actors (Rhodes, 1997). Renate Mayntz defined governance as the system of rules that shapes the actions of social actors (Mayntz, 2004), but in a general sense, Governance means the capacity of government, functioning with or without the private sector, to steer an economy or society towards a collective goal.
Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way in which a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the many players involved (the stakeholders) and the goals for which the corporation is governed. The principal players are the shareholders, management and the board of directors. Other stakeholders include employees, suppliers, customers, banks and other lenders, regulators, the environment and the community at large.
The first thing that we must consider about Information Security is that there is not a final destination at which we can arrive. IT Security is an ongoing set of processes and activities that requires attention and expertise on a daily basis. It is important to understand that systems are not secured by themselves and it is our responsibility to maintain and improve them periodically as required. It is of vital importance to establish the appropriate mechanisms and requirements in order to support the company’s CIA triad. The following report will provide you guidance about auditing and hardening techniques applied though the 7 Domains by utilizing IT Security Best Practices.
Essentially the role of the Information Technology (IT) Security is to guarantee confidentiality, integrity, and availability by putting in place all of those instruments, tools, methodologies, resources, standards, policies, procedures, guidelines, risk assessment, annual internal audit, incident management, and change management inside the organization in order to mitigate risk. In other words, depending on the dimension, type of business, number of employees, type of information created by
When we hear the word governance, the first thing that pops out of our mind is that a person (with a political position) is leading something. Governance is the action of governing or controlling a group, people or country. Governance is very vital in every country since the country’s economy, people and actually everything depends on the governance because it controls all the activities, rules and laws because governance is power. We should not take for granted the process of governance because it is really very difficult. There are many things to be considered in governance because it undergoes many processes and there are many factors to be considered. All the distribution of the expenses of the country starts from governance
Good governance is fundamental and e-governance is instrumental. No e-Governance tool can be successful without focusing attention to process reforms for good governance. Good governance dictates the design and shape of