The role of IT governance for boards.
Every business needs to gather, process, access, communicate, report, and keep information safe. Information technology is a key part of doing all of these things. So, keeping an eye on information technology is important for good corporate governance.
IT Governance
How much time and attention a board gives to IT governance depends on many things, such as the size, maturity, industry, and strategic direction of the organisation
The basic steps are the same, though:
Figure out what IT does for your business. How does IT now help and strengthen your business? How is information technology handled? Who are the people who have a stake in it, and who is in charge of managing them? Is it well put together and useful? Is it secure in every way?
Know the possibilities and risks. How are other people in your field using IT? What would users like to see changed? What are the benefits of information technology? Does information technology help or hurt communication and new ideas? What are the risks, and how can we stay away from them?
Governance and monitoring: How does the board keep an eye on IT? What are the controls and ways of reporting? How do you measure performance?
Align IT with business strategy. Does IT, including technology and people resources, have the capabilities you need to reach your goals and strategy? Are budgets and plans for putting a strategy into action including the right amount of time and money to spend on IT?
Capabilities and experience: Does the senior management team have the skills and knowledge to manage IT projects, oversee IT risk and compliance, and so on? Is the board's IT knowledge good enough for it to talk to management about tech issues like cybersecurity and digital disruption and make decisions based on that information? Is IT part of the directors' professional development programme set up by the board?
Contact us to discuss technology governance and questions your directors should be asking of management.
