The Supreme Need for IT Governance, Risk, and Compliance
Recent years have shown an increase in corporate frauds making the need for IT governance more crucial. IT Governance, Risk, and Compliance is an essential part of every organization. Irrespective of the industry, or the end product, every company requires some type of governance in place that can manage risk situations and create an environment of compliance.
Every industry be it Manufacturing, Finance, Healthcare, etc., has different requirements with respect to their security policies and procedures. Consistently managing a proper type of governance and compliant work environment has been a rare occurrence for most of the organizations. Despite the need for one, companies have struggled to have best practices of IT governance within the work culture. However, with the advent of ISO 38500, an international standard for IT governance, the systems and processes were made better.
Based on the ISACA organization, a leading global provider of certifications, Oracle GRC is separated into five distinct domains.
- Framework for Governance of Enterprise IT – Organizations need to have an IT governance framework which matches with the enterprise governance. It directs company’s strategic planning, goals, and objectives. The framework should be built based on the international standards and best practices, and in best accordance with the business requirements. The IT governance should be driven across the top management roles, responsibilities, and accountabilities, to streamline organizational processes.
- Strategic Management – Business strategy must drive the IT strategy in order to support the business objectives. Both the strategies must be linked to each other so that the business operations are managed effectively leading to the growth of the organization.
- Risk Management – IT Governance is essential to carry out identification, assessment, mitigation, management, communication, and monitoring of IT related business risks. Although Oracle risk management cloud is largely based on the type of the industry and size of the organization, it is very important to have risk framework efficient enough to mitigate any possible risk scenario occurring in both internal and external work environments.
- Resource Optimization – For efficient IT management, there is a need for capable talent, information, technology, and infrastructure. It enables the business to meet the requirements, and execute certain activities that are beneficial for the fulfillment of organization’s objectives. This needs proper focus over managerial activities such as procurement, training, knowledge management, and so on. It also includes managing suppliers, vendors, and employees.
- Benefits Realization – IT governance helps the business gain realistic benefits through management of IT investments. It empowers the organization to implement value management practices, realization planning, and performance monitoring.
These days, companies are considering risks related to IT as Enterprise Business Risk. To mitigate the business risk, it is advisable that no matter the size and maturity level of the business, effective IT governance should be put into place.
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