Governance and Risk Management

Has your firm performed an analysis on data governance, IT governance and risk management strategies?

Data governance is critical especially as firms move to the cloud; data is an asset that needs to be protected and used properly. IT Governance ensures consistency and compliance and can assist in risk management. Done properly, IT Governance facilitates faster, better execution thru visibility and formal decision making.

Investing in defining and implementing data/IT governance and risk management strategies are critical in enabling IT to become a competitive advantage for supporting business goals and objectives. These core strategies empower IT to use consistent data terminology, effectively plan the IT roadmap based on business goals and objectives, and help the organization avoid taking unacceptable risks, through effective risk management.

Any company today has threats from everywhere (internally and externally). Analysis provides meaningful and insightful reporting and business intelligence.

Issues Facing CIOs Today

What issues are you addressing today in your organization? Is it a blend of business, strategic, leadership, and technology?

Here is my list (in no particular order) of issues facing CIOs today:

  1. Securing of sensitive data
  2. Compliance and information risk management
  3. Increasing regulatory oversight
  4. Willingness to share information and adopt best practices across the organization locally and globally
  5. Enterprise resilience to guard against disruptions
  6. Fully Integrating of applications and software across the enterprise while lessening the overall maintenance and upkeep
  7. Cost-effective IT operations and compelling ROIs for tech investments
  8. Effective governance practice
  9. IT/Business alignment
  10. Green Computing
  11. Budget reductions
  12. Off-shoring/on-shoring/re-shoring
  13. Cloud Computing
  14. Social Media
  15. Staff hiring and retention

Being aware of challenges and issues is important for any successful CIO’s management strategy. Any list of issues or top priorities facing CIOs is open to debate. However, having the debate is important because it brings the issues out into the open. What’s most important is that CIOs do not fall into a reactionary mode of operation and management. Doing so is easy especially during times of economic distress, it is easy to react to issues rather than to plan and execute.

What issues are your facing today? Let us know and continue the debate?

Further Reading:

Global CIO: The Top 10 CIO Issues For 2009 by Bob Evans

Top Issues for CIO’s by Eric D. Brown

The Top Business Issues facing CIOs / IT Directors by Peter Thomas