Governance of Information Technology is essential to adequately direct and control the current and future use of technology within businesses and to ensure compliance with contractual, legislative and regulatory obligations. Failure to do so is highly likely to expose companies to one or more violations which could result in:
- Regulatory sanctions
- Criminal prosecution
- Loss of reputation
- Loss of clients
IT governance is required to align IT with the needs of the business. After all, the IT function is there to serve the company and not the other way around. In this context, IT is a fee-enabling function and seldom a fee-generating function. The corporate governance function and implemented framework will drive:
- Implementation of security standards
- Information storage, privacy and retention requirements
- Compliance with intellectual property rights and 3rd party licences
- Adherence to environmental regulations
- Implementation of social responsibility standards
- Health and safety requirements
Corporate governance contributes significantly to:
- Effective implementation and exploitation of IT assets
- Clarity and alignment of responsibility, authority and accountability
- Efficient allocation of business resources
- Innovation with fee-generating services in the marketplace
- Business continuity and sustainability
- Reducing operational expenditure
- Achieving business objectives
Implementing IT governance fosters the building and maintaining of working-relationships throughout the business and avoids the pitfalls of IT isolation from overall business objectives.
Information security, risk management, internal audit, and governance professional with over 25 years of post-graduate experience gained across a diverse range of private and public sector projects in banking, insurance, telecommunications, health services, charities and more, both in the UK and internationally – MORE