IT Governance

Why the Governance Process Should Combine Risk and Compliance

Many companies that integrate IT governance on different organizational platforms are not entirely aware of its applications and future. Most companies aspire to use IT governance for either enterprise risk management (ERM) or compliance governance. They believe it is almost impossible to combine both frameworks and align them with governance. Experts mention that many C-suite officials and business leaders do not combine enterprise risk management and compliance. One of the main reasons for this is increased responsibilities and market uncertainty. In his article for ISACA, Ravikumar Ramachandran shares why you must use the IT governance process to tackle ERM and compliance.

Optimizing the IT Governance Process

Many readymade IT governance frameworks will equally optimize enterprise risk management and compliance performance. Some of them are given below:

  1. COBIT and its frameworks, particularly designed for enterprise IT, are widely accepted across the globe.
  2. ITIL, known as Information Technology Infrastructure Library, helps you design governance strategies per your business needs.
  3. COSO is known for specialized frameworks for internal controls rather than IT models.
  4. CMMI is used to enhance overall business performance and measure project growth.
  5. FAIR is commonly used to quantify network security and enterprise risk management.

Advantages of Implementing an IT Governance Framework

Here is a list of benefits of IT governance frameworks:

  1. Optimizes enterprise risk management
  2. Delivery of value through specific metrics
  3. Enables resource management
  4. Aligns different departments with a uniform enterprise strategy
  5. Enhances organizational performance
  6. Allows a company to cut down unnecessary costs and regulate the business economics
  7. Finds single system solutions and integration of various IT setups
  8. Regulates and enhances compliance policies and frameworks per relevant laws
  9. Facilitates change per market trends

Digital disruption has become an unignorable aspect of modern business. Companies are looking for a way to optimize their performance and retain their firm’s legacy. So, it is vital to implement an IT governance process that facilitates both ERM and compliance.

Click on the link to read the original article:

https://www.isaca.org/resources/news-and-trends/newsletters/atisaca/2021/volume-34/can-it-governance-be-dispensed-with

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