As governance has evolved, so too do we find ourselves in the evolutionary age of information and technology. Information and technology has changed the way enterprises think, operate and improve. Information Technology (IT) is more than just an asset, more than just something that needs to be ‘aligned to the business’. So where do IT and Governance meet? Enter IT Governance, Risk and Compliance, or as it is better known – IT GRC.
Governance is not something new. The origination of the word itself can arguably be traced back to ancient Greece, with Governance derived from the Greek verb kubernáo meaning “to steer”. But what is relatively new is the emergent omni-presence and entrenchment of Governance in organizations of the 21st Century. The evolution of Governance, from its financially and auditing centered beginnings into something that is woven into the very fabric of the modern organization, continues unabated. In the last two decades in particular we can attest to having seen a rapid increase in organizations’ focus on Corporate or Enterprise Governance, driven by global incidents like Enron and Lehman Brothers, the advent of Sarbanes Oxley, publications such as King III and the Cadbury Report, and even university initiatives like the Harvard MBA review.
Governance is no longer a business afterthought or simply viewed as a means for compliance either. Today, Enterprise Governance is at the forefront of an organization’s Strategic Direction, and a key element in all phases of Strategic Management – Planning, Implementation and Control. Governance is an essential ingredient in the recipe for creating and sustaining value, and in 2015’s enterprise marketplace, it’s survival of the fittest – where no value means no future.
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