IT Governance has assumed critical importance in modern day organizations where the Information Technology investments are significant. Adding to that is the tremendous dependence of information, systems, and on technologies. While technology improves business processes, reduces costs and alters business practices, it also carries significant risks. Successful organizations are able to understand and manage these risks.
IT Governance has been described as “A structure of relationships and processes to direct and control the enterprise in order to achieve the enterprise’s goals by adding value while balancing risks versus return over IT and its processes”*.
Implementing a formal and a structured IT Governance framework would allow the organizations not only to manage the risks but would also lead to an increased transparency and a balanced approach to business needs and priorities.