Question

You have joined a team in an ICT department located in a large bank. After the recent Royal Commission into banking your employer wants to upgrade many aspects of governance. Your team has been asked about COBIT. What should it say?

The Bank wants to know about what research tells us about the realities of implementing COBIT. What are the success rates? What impediments have been experienced? How is it effectively deployed? Maintained? What direction is its develoment taking?

Answer 1

COBIT is IT corporate governance framework also known as Control Objectives for Information and Related Technologies. It is largely aimed to bring governance and compliance protocol within IT networks to avoid threats and risks.

However biggest challenge in implementation of COBIT is integrating IT network standards and increasing training costs which makes it difficult to execute for smaller organisations having lower market capitalization. There isno empirical evidence on success rate but the outdated versions have seen limited acceptance and execution across key markets.

However the latest standard COBIT 5.0 have helped organisations leverage its benefits of cost savings, open source model, greater flexibility, higher scalability, ability to integrate and easier training courses and hence over past two years it has witnessed great success due to new designs and maturity models which have been incorporated. Organisation have effectively deployed using third partyvendors and training teams.