The Banking Executive Magazine - Septmber Issue 2021

industry experts and used by thou- sands of organizations. IT Governance frameworks IT governance frameworks enable or- ganisations to manage their IT risks effectively and ensure that the activ- ities associated with information and technology are aligned with their overall business objectives. IT Gov- ernance frameworks include: • COBIT: Published by Information System Audit and Control Associa- tion (ISACA), Control Objectives For Information and Related Tech- nologies (COBIT) is a comprehen- sive framework of globally accepted practices, analytical tools and models designed for gover- nance and management of enter- prise IT. With its roots in IT auditing, ISACA expanded COBIT's scope over the years to fully support IT governance. The latest version is COBIT 5, which is widely used by organizations fo- cused on risk management and mitigation. • ITIL: Information Technology Infra- structure Library, ITIL focuses on IT service management. It aims to en- sure that IT services support core processes of the business. ITIL comprises five sets of management best practices for service strategy, design, transition (such as change management), operation and con- tinual service improvement. • COSO: This model for evaluating internal controls is from the Com- mittee of Sponsoring Organizations of the Treadway Commission (COSO). COSO focus is less IT- specific than the other frameworks, concentrating more on business as- pects like enterprise risk manage- ment (ERM) and fraud deterrence. • CMMI: The Capability Maturity Model Integration method, devel- oped by the Software Engineering Institute, is an approach to per- formance improvement. CMMI uses a scale of 1 to 5 to assess an organization performance, quality and profitability maturity level. • FAIR: Factor Analysis of Informa- tion Risk (FAIR) is a relatively new model that helps organizations quantify risk. The focus is on cyber security and operational risk, with the goal of making more well-in- formed decisions. CHOICE OF IT GOVERNANCE FRAMEWORK Most IT governance frameworks are designed to help organisations in de- termining how the IT department is functioning, what key metrics man- agement are needed and what return IT is giving back to the business from its investments. When choosing an IT Governance framework, organisations should consider their corporate culture and their stakeholders interest. IT GOVERNANCE CHALLENGES IN POST COVID-19 ERA The training program of the Union of Arab banks offered by Mr Abdo Chalhoub addressed IT Governance challenges post Covid-19 era. After more than a year and half in COVID -19 crisis, the uncertainty, and econ- omy is slowing down, IT budget is kept for only the survival matters. This raises the importance of IT gov- ernance. The world economy is not at its best state, businesses, almost in all countries, are affected, cost cut- ting mode and survival mode might the BANKING EXECUTIVE 20 ISSUE 153 SEPTEMBER 2021