IT Governance: Empowering Your Organization with Strategic IT Management

In the realm of today’s digital landscape, it is crucial to ensure effective Information Technology governance. In achieving such, business entities are rest assured that their investments are aligned with their business goals, compliant with regulations, and achieve optimized performance.

Governing frameworks are the ultimate foundations that stem IT governance for any workplace. The applicable frameworks should be properly documented and founded on a clear strategy and business objectives. Achieving such requires that all IT functions within business entities establish solid processes, policies, and procedures (PPP) with defined job responsibilities in charge of adhering to the (PPP) referenced by its frameworks.

Attaining specialized experts to provide comprehensive IT governance solutions incredibly enhances your IT strategy, which in turn drives sustainable growth.

Why IT Governance Matters

IT governance sets a clear set of frameworks that support decision making and management of IT resources. This manages balancing business-related risks, costs, and boosting performance with a set list of duties and accountability. With the right approach to IT governance, your company ensures that its IT investments deliver value, support business objectives, and meet compliance standards.

What are the components of the IT Governance Framework?

  1. International Standards
  2. Processes, Policies, and Procedures
  3. Internal Controls
  4. Measurement metrics
  5. Key Performance Indicators (KPIs)

Are there regulatory requirements regarding the development of an IT Governance Framework?

Yes, resolutions are issued by the Central Bank of Kuwait (CBK) regarding the governance within financial institutions that are subject to regulation by the CBK. Furthermore, the Capital Markets Authority (CMA) Executive Bylaw, Module 15, includes the governance requirements for business entities listed on Boursa Kuwait and CMA-licensed companies, as well as the business entities supervised by the Kuwait Insurance Regulatory Unit under Resolution No. 58 of 2023.

All the above legislation was issued covering the entire organizational structure of business entities. However, in a specific context, particular attention is given to the governance of Information Technology functions due to its critical role in managing business activities.

International frameworks and standards for IT Governance

There are several international frameworks that business entities can adopt as a guide in developing the Information technology governance framework, including:

  1. ISO 38500 – Information Technology
  2. Information Technology Infrastructure Library (ITIL)
  3. Control Objectives for Information and Related Technologies (COBIT)

Establishing an IT Governance Framework

To establish a proper Information technology governance framework, business entities should consider the following approach:

  1. Grasp full understanding of how a business entity uses information technology.
  2. Define priority objectives and how IT governance can contribute to achieving such objectives.
  3. Design and implement systems and processes that can achieve such objectives through an executive action plan.
  4. Measure how successfully the IT governance framework contributes to achieving the objectives.

Business entities mandated to implement IT Governance

  1. Financial institutions
  2. Companies listed on Boursa Kuwait
  3. Companies licensed by the CMA
  4. Insurance and reinsurance companies

What are the IT governance services offered by Baker Tilly Kuwait?

  1. Strategic IT alignment
  2. IT Risk Management
  3. Compliance and Regulatory Adherence
  4. Performance Optimization
  5. Governance Framework Development
  6. Continuous Monitoring and Improvement

Why Baker Tilly Kuwait?

  • A global consulting firm operating in the State of Kuwait.
  • Strong experience in providing IT Governance services to all sectors in the State of Kuwait
  • Utilizing state-of-the-art methodologies for developing IT Governance Framework for business entities.
  • Qualified experts in IT governance.
  • Dedicated bilingual and qualified resources working closely with clients throughout the project lifecycle.

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