It Governance
The abilities and advancements of Internet Technology are constantly evolving and growing. For corporations, this is as much a blessing as it is a curse. As the old saying goes, ‘with great power comes great responsibility.’ Look at any given corporation; most likely every department is in some way using IT to improve current processes, assist in financial reporting, expand and create new processes, etc. Given the extensive use of the advanced IT capabilities of today, a need for the IT security objectives and business objectives to align is created. The Information Technology Governance Institute (ITGI) illustrates this best in the statement, “While many organizations recognize the potential benefits that technology can yield, the successful ones also understand and manage the risks associated with implementing new technologies.” This is where IT Governance comes in to play. As highlighted in Dr. Steven Hornik’s September 22nd presentation on frameworks, there is a disconnect between the need for IT Governance and the practices of corporate executives. This research paper will be geared toward the education of corporate executives on IT Governance, various frameworks available for use, and the importance of knowledge and implementation due to accounting regulations. There will be 4 key elements covered: Introduction to Enterprise and IT Governance and the frameworks available, the importance of integrating accounting compliance regulations with IT security due to the Sarbanes-Oxley (SOX) act, a compare and contrast of the top frameworks with a compiled list of best practices from all the various frameworks, and finally a recommendation to executives.
PART I.
Stakeholders becoming increasingly concerned about the sound management of their interests have led to the emergence of governance principles and standards for overall enterprise governance. (Board Briefing on IT Governance) ITGI defines Enterprise