IT governance frameworks

‘IT governance’ refers to processes, policies and procedures that businesses use to align their IT systems and infrastructures with their mission and vision. It typically includes several key components, including strategic alignment, risk management, performance measurement, compliance and resource management.

IT governance is important because it enables businesses to:

• Identify, assess and mitigate IT risks (cybersecurity threats, data breaches, shadow IT examples, etc.)
• Optimize the allocation and use of IT resources and investments (including IT versus OT optimization)
• Comply with legal obligations concerning the protection of information
• Make better insight-driven business decisions
• Drive innovation and competitiveness in the digital age

IT governance frameworks are roadmaps that define how organizations can design, implement and report on IT governance within their business. These help companies clarify their IT operations and manage their IT systems and make sure that they’re working towards specific goals. Organizations often choose a combination of IT governance frameworks based on their requirements, the nature of their operations and industry regulations. Here are some of the most commonly used ones:

COBIT

COBIT is the most popular IT governance framework. It references more than 30 IT processes, each one defined with inputs and outputs, objectives and methods to improve and measure performance. It focuses on protection risk management and information management.

COBIT was developed by ISACA, making it compatible with other common frameworks like ITIL and CMMI. That said, it’s not designed for low-level management; instead, it’s a high-level tool that can be used to customize policies, procedures and processes.

ITIL

The ITIL (Information Technology Infrastructure Library) framework is the most widely used IT service management (ITSM) framework; it’s created by default on many ITSM platforms. It covers service strategy, design and operation, problem management, accident management and IT change management.

COSO

Developed by the Committee of Sponsoring Organizations of the Treadway Commission, the COSO enterprise risk management (ERM) framework is used for mitigating risks within an organization. It’s more general and less IT-focused. The comprehensive standard looks at risks across various areas of operations–IT just being one of these.

AS8015-2005

Published in 2005, AS8015-2005 is a technical standard developed in Australia. It consists of a twelve-page framework of six principles for effective IT management. It’s the most commonly used IT governance framework in Australia.

FAIR

FAIR (Factor Analysis of Information Risk) is an IT governance framework that emphasizes cyber security and risk assessment. It’s a quantitative risk management guideline designed to enable businesses to understand, analyze and quantify information security and operational risk, allowing them to make better-informed decisions.

ISO/IEC 38500

ISO/IEC 38500 is an international standard published by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC). It stipulates principles and guidelines for effective IT governance, and it’s specifically aimed at assisting top-level executives in fulfilling legal, regulatory and ethical obligations in their company’s use of IT.

To successfully implement IT governance frameworks, you’ll need the right tools to manage your IT assets and get a full view of your tech infrastructure. Flexera One is designed to help you grasp your resources and systems, enabling you to manage your IT more efficiently, mitigate related risks, optimize operations and make better insight-driven business decisions. Contact us to learn how Flexera One can work for your business!