How Can Bad Governance Put Your Business Value at Risk?
IT governance (ITG) is crucial in helping the organization achieve its overall business goals, objectives, and strategy. However, many IT leaders have the misconception that IT frameworks and compliance programs can work against their business objectives and hinder their effectiveness. Poor leadership and bad governance may burden organizations with compliance issues, unnecessary risks, and missed opportunities. In this article at Enterprise Talk, Vishal Muktewar explains the ITG myths leaders must stop believing in.
Bad Governance: Myths That Hinder Your Company’s Success
Outsourcing a Business Process Outsources Its Risks
“Many IT leaders assume that their third-party vendors practice good cyber hygiene. They often fail to conduct due diligence to ensure that the vendor implements basic IT controls over all aspects of their enterprise,” says Muktewar. When outsourcing business processes, many leaders fail to investigate the cyber hygiene habits of third-party vendors. Unfortunately, this can be a costly mistake. Avoid these bad governance practices by assessing third-party vendors’ cybersecurity activities.
Software Can Resolve Problems Rooted Within the Organization
As an IT leader, remember software is not a method but only a tool to carry out various business operations. To get the most from the workflow software, have well-defined processes. Furthermore, before implementing any software, develop operational strategies to support the organizational goals, mission, vision, and objectives.
ITG Can Eliminate Cost Control Issues
Good governance practices allow leaders to control cost overruns. However, keeping costs down is not a one-time activity. Instead, the process demands ongoing monitoring and effort in IT cost optimization.
ITG Can be Achieved Through a Single Tool
ITG helps reduce risks and utilize strategies to meet business objectives, but IT leaders cannot reduce it to a simple business report. Many vendors believe that ITG can be achieved through a single tool or solution. On the contrary, the demand for comprehensive data often outweighs the ability to collect and analyze such data. Therefore, organizations must utilize multiple reporting solutions to see the efficiency of IT governance in terms of security, compliance, controls, and costs.
Click to learn more about how bad governance can hinder your organizational success: https://enterprisetalk.com/featured/three-it-governance-myths-enterprise-leaders-should-stop-believing-in/.
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