Because so many transactions take place digitally today, it is important that you are protected from cyberattacks and unethical behavior. An incredible amount of personal information is at stake. But who, or what, ensures that strict security measures are implemented and are of the highest quality? This is why a sound framework for IT governance is so important. IT governance frameworks are the benchmarks an organization uses to protect itself, its clients, and all relevant stakeholders. They limit the risk of dangerous occurrences like identity theft and data breaches. They support long-term success in the digital age.
WHAT EXACTLY ARE IT GOVERNANCE FRAMEWORKS?
An IT governance framework is the structure for leadership, organizational, and business processes with regard to information technology. Compliance to these standards ensures an organization’s IT supports and enables the achievement of its overall strategies and objectives.
ARE THERE DIFFERENT KINDS OF FRAMEWORKS?
There are many IT governance frameworks an establishment can adopt. The following are widely used frameworks, each with its own strengths:
COBIT:
COBIT emphasizes regulatory compliance, helps organizations increase the value obtained from IT, enables alignment and simplifies implementation of an entity’s IT governance.
ITIL:
ITIL consists of five levels for its governance certification: Foundation, Practitioner, Intermediate, Expert and Master. These collective levels provide guidance to organizations and individuals on how to use IT as a tool to facilitate business change, transformation and growth.
ISO/IEC 27002:
This allows an organization to select controls as it implements an information security management system, using commonly accepted information security controls and developing its own information security management guidelines.
The most comprehensive framework is the Calder-Moir IT Governance Framework. Calder-Moir ties together the above frameworks in addition to several others. They include:
- Best practices and measures for IT
- Risk management
- Strategy
- Intellectual property
- Business design
- Project management
- Compliance
No one framework provides all of the essential guidance your company needs to thrive, especially given the increase in information sharing that takes place year-over-year. But depending on the nature of your business, you may not need a framework as far-reaching as Calder-Moir. Sometimes just one like COBIT, ITIL, or ISO/IEC27002 will do.
WHAT ARE THE BENEFITS OF IT GOVERNANCE?
There are many advantages to using IT governance frameworks. In addition to using them as safe decision-making principles, they also have financial benefits. In one instance, McKinsey and Company found that two-thirds of companies surveyed would pay an 11% premium for stocks of a company with good governance. Organizations with high quality governance also saw more than 20% higher profits than their competitors. Because of the various exposures to risk, IT governance frameworks can enhance your organization’s competitive advantage.
How are Frameworks Implemented?
Implementation is contingent on the make up and objective of your organization. The CTO at FireMon, a firewall management software producer, recently suggested that you should start by forming a committee to determine which framework—or multiple frameworks—are best suited for your organization. Once decided, it is important that the framework(s) is/are supported by executive management. From here, communication comes into play, whether it’s between you and an oversight board, auditors, partners or stakeholders. This will ensure the smooth adoption of guiding regulations.
BOTTOM LINE
If you want to become a leader in business and technology, you need to understand the importance of IT governance frameworks and their functionality. The Tulane University School of Professional Management provides an online Master of Professional Studies in Information Technology Management program, with an in-depth course in IT governance and policy. You will learn about the standards and frameworks, tips and techniques to seamlessly plan, deploy, oversee, and learn from governance strategy, and how they fit into the business world of today.
Learn more about how you can enroll in Tulane’s MSP in IT Management today to become skilled in IT governance frameworks and their importance in emerging industries.
