| Information Technology Governance |
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Information technology governance is an important component of corporate governance based on IT systems as well as their performance and risk management. The increasing focus on IT governance is primarily because of compliance initiatives such as Basel II in Europe and Sarbanes-Oxley in the US. It is also due to upholding the best interest of stakeholders in using IT. IT governance defines a framework for IT management to perform efficiently.
Decision making on IT systems targets effective implementation of IT operations and services. Reluctance to observe IT governance can be noticed simply because of “compliance fatigue” due to adhering to compliance requirements in the past decades. But, employing appropriate IT governance will result in increased productivity for the organization. Tangible monetary advantages to the extent of increased profits by 20% have been observed by organizations adopting appropriate IT governance. This is enabled because the concept ensures timely and under-budget delivery of quality IT solutions and management of IT related risks in an efficient manner.
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