IT Governance in the Post COVID-19 World

November 17, 2020

IT Governance in the Post COVID-19 World

COVID-19 has proven to be a global business risk. The epidemic which was expected to only disrupt Chinese supply chains has escalated into a pandemic. Six months into the new normal, businesses are now realizing the need to focus on future recovery, resilience, and success. Especially the need to balance IT governance with agility.

What is IT Governance?

The alignment of Information Technology with the strategic objectives of the company is known as IT Governance. It addresses the following dimensions to ensure companies adhere to their strategies and achieve outcomes that drive value creation for stakeholders:

IT Budget Control and Approval
Supplier & Vendor Management
Invoices Reconciliation, Contract & License Management
Portfolio and Project Management
People Management

IT governance is an integral component of corporate governance, the latter which is a crucial approach to maximize the value creation in the best interest of stakeholders.

The Importance of IT Governance for the Present and Future

The temporary pandemic forced many industry leaders to make some permanent decisions. From the closure of physical stores to plans for remote work till 2021, the world has made several adjustments to factor in the new era of work dynamics.

The sudden shift to virtual ways of work has put IT in the spotlight. More than ever, IT is imperative for maintaining a steady momentum despite obvious hurdles.

As a result, continuing IT services and maintaining infrastructure to support services are a vital part in Business Continuity Planning. Thankfully, this is not hard to achieve as top IT governance frameworks include processes such as Capacity Management and Continuity and Information Security.

These processes are especially vital as the demand for web services and resources grows. Initially, websites were subjected to denial of service attacks due to IT activities not performing under a single framework. However, companies are now relying on IT governance to ensure all IT related activities are up to par.

And what about the future?

Experts believe companies will constrict spending on other aspects and focus on IT for commercial health and future resilience. As a result, CIOs or their equivalent need to drill down into operations, highlight areas that require the most attention, and identify areas associated risks may lie in.

Only then can companies be truly prepared to formulate a forward strategy in the post-COVID-19 era.

How to Improve IT Governance During COVID-19

If your organization hasn’t already, this is the time to redefine your IT governance process to ensure a prosperous future. Here are some good tips to get you started.

Review the organization’s Businesses Continuity Plan and update where necessary. If your organization’s BCP is not in accordance with the current scenario, it requires an immediate update to avoid any business disruptions. Preferably consider bringing in IT governance consultants for quicker results and more objective analysis.
In addition to your organization’s Business Continuity Plan, you need to assess internal controls and audit function, risk governance, and compliance. Doing so will further ensure your preparedness and help develop a robust response to the current issue. If these have been recently tested, monitor their implementation, and adjust accordingly.
Maximize disclosure and transparency to ensure trust. Continued communication with all stakeholders is essential, especially during the pandemic.
Adjust your information governance and preservation process according to the new normal. This is essential considering new litigations are bound to arise due to the pandemic. Do make sure to address employees’ privacy concerns accordingly.

And Don’t Forget to Empower Your Workforce with COBIT 2019

COBIT 2019® is an excellent governance credential that can empower practitioners during the pandemic.

COBIT 2019® certified professionals have the skills to assess where unanticipated risks might lie. They are also capable of formulating a much-needed forward strategy while offering new and effective solutions to the organization.

LearningCert can help you prepare for the certification examination. From skilled trainers to accredited materials, you will gain access to all the resources and help you need to pass the exam from the first go. Whether you opt for the self-paced course or corporate training, rest assured the certification is in the bag.