Top 10 IT Governance Principles & It's Importance
Written By : Bakkah
Table of Content
Despite its relative newness, IT governance ensures the integrity of the IT systems & provides appropriate controls for risk management, records management, asset management & compliance with laws and regulations. By aligning IT with enterprise goals and strategies, it drives success.
Thus, governance of IT deals with IT operations, financials, and financial controls. Several fundamental principles of enterprise governance are shared by good IT governance practices.
What is IT Governance in short?
The governance of information technology - IT - refers to the processes, structures, and leadership that enable an organization to keep its strategies and objectives relevant and secure through IT.
By effectively managing and optimizing IT, an organization can achieve its goals, complement its objectives, or support its objectives in achieving them.
Different names of IT Governance
IT Governance is also known as:
- Information technology governance - ITG.
- Information and communications technology governance - ICT Governance.
- Corporate Governance of information technology - CGIT.
- Corporate governance of information and communications technology.
- Enterprise governance of information technology - EGIT.
IT Governance Importance to Businesses
The primary objective of ITG is to ensure that investments in IT generate business value and mitigate the risks associated with IT.
A structured organization with clearly defined roles for information, business processes, applications & infrastructure can be implemented to achieve this goal.
IT functions need a structure or framework to support the strategy and objectives of organizations and businesses.
Depending on the size of the business:
the industry, or the laws or regulations in effect, we need a particular framework and level.
The more detailed the IT governance structure, the larger and more regulated the organization.
A long-established relationship between IT governance and the effective creation of value from IT investments has been noted as the driving force behind successful IT management.
Establishing joint accountability for IT investments will allow effective communication between customers and providers.
To review and reduce redundancy in the IT environment and drive cost savings, IT portfolio management enforces governance processes to manage IT investments, projects, and resources at agencies.
As a result of governance, federal agencies can effectively manage their IT assets and make sure the following basic elements are in place for success.