National Office
1300 739 119
International callers
+61 2 8248 8440
QTY | Product | Price | Edit |
---|---|---|---|
{{ item.title }}
{{ item.secondaryItem.title }}
Availability - Places available
Availability - In stock
This product is already registered.
|
{{ (item.price * item.quantity) | currency }}
FREE
{{ (item.secondaryItem.price * item.secondaryItem.quantity) | currency }}
FREE
|
({{ items.length }}) products in your cart
Subtotal | {{ subTotal | currency }} $0.00 |
---|---|
Total inc. GST | AUD {{ total | currency }} $0.00 |
Package Discount
Package Discount If you enrol in all three Foundations of Directorship courses, you will receive a package discount. Already applied
|
-{{ packageDiscount | currency }} |
Member Discount | -{{ discount | currency }} |
Information technology (IT) underpins how modern organisations operate, deliver value and engage digitally with stakeholders. As digital dependence deepens, effective IT governance grows as an imperative for boards. This article explores key focus areas for optimising IT governance oversight.
Traditionally viewed as operational matters, IT governance shortcomings now pose profound strategic, financial and reputational risks. Boards strengthening IT governance oversight can enhance value creation through:
Discussing both risks and strategic opportunities cements comprehensive board oversight.
While tailored to each organisation, foundational IT governance areas include:
IT Strategic Alignment – Ensuring technology strategy aligns with and enables overall corporate strategy and priorities.
Value Delivery – Overseeing technology performance, budgets, projects and benefits realisation.
Resource Management – Optimizing technology talent and vendor partnerships.
Risk Management – Identifying and governing technology risks including cyber threats and data loss.
Performance Management – Monitoring key IT metrics like system availability, reliability and incident impacts.
IT Investment Governance – Overseeing technology budgets, project prioritisation and return on investment.
Information Governance – Governing information use, accuracy, privacy, security and lifecycle management.
The board determines specific focus reflecting the IT dependencies of the business model and operations.
Typical mechanisms enabling board participation in IT governance include:
IT strategy updates – Reviewing management’s overall plans and priorities for technology management and investments.
IT performance dashboard – Monitoring composite IT performance metrics focused on strategic priorities such as security, stability and speed.
Cyber risk reporting – Receiving regular updates on cyber risks and security enhancement programs.
IT investment reporting – Overseeing business cases, budgets and realization of technology programs and projects.
Incident reports – Monitoring technology incidents, system outages and associated impacts on operations.
IT audit and compliance reporting – Governance assurances regarding system controls, technology policies, risk management and regulatory compliance.
An integrated, fit-for-purpose IT governance framework facilitates oversight.
Given its specialised nature, the audit and risk committee commonly assumes leadership in IT governance on behalf of the board. The committee sets standards for reporting and risk management while probing the adequacy of technology controls and mitigation measures. It also spearheads IT auditor engagement.
Effective discussions require boards maintain a base level of technology awareness including:
IT environments – Understanding core systems, data repositories, networks and infrastructure.
Technology landscapes – Appreciating external innovation trends, opportunities and disruptive threats.
Cybersecurity fundamentals – Knowledge of key threats and controls.
Technology risk interconnections – Cascading impacts of IT incidents across operations.
Digital capabilities – Insights into core technical competencies internally and via partnerships.
Ongoing education enables constructive conversations with management and IT leaders.
To strengthen insights, boards may engage external advisors reporting independently from management on IT governance health. Expert input helps gauge the adequacy of IT risk mitigation and strategy ambition. Firms specialising in technology governance can benchmark against leading practices.
Prudent boards proactively assess IT governance effectiveness and maturity compared to leading practices. Enhancements may involve:
Ongoing improvement enables IT governance to match business needs as technology, risks and opportunities evolve.
As digitalisation accelerates and technology permeates operations, effective IT governance becomes crucial for performance, value creation and risk management. Boards strategically strengthening oversight, literacy and focus on technology governance can enable their organisations to harness IT for sustained success in the digital economy.
We acknowledge the Traditional Custodians of the Lands on which we are located and pay our respects to Elders, past and present. We recognise First Nations peoples' cultural and spiritual relationships to the Skies, Land, Waters, and Seas, and their rich contribution to society.
Already a member?
Login to view this content