COBIT (Control Objectives for Information and Related Technology) is ISACA’s framework on information technology governance and management. COBIT is respected as the global standard when it comes to governing and leading enterprise IT. Ever since COBIT introduced in 1996, this framework has been through several releases and iterations. The present volume, COBIT 5, is an important governance framework for professionals who are managing IT teams and information systems.
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So, have you often wondered what is involved in COBIT 5? If you have, here is a summary of the vital principles of this framework.
Meeting the requirements of shareholders
COBIT 5’s first principle is catering to the stakeholders’ demands or requirements. This principle encompasses the idea that organisations exist to create value for stakeholders, regardless of what the value might be. When you are making decisions regarding IT governance and management, you must consider how and which of your stakeholders benefit from your decisions. Also, you have to consider which stakeholders are taking the majority of the risks. COBIT 5 translates the wants of stakeholders into more flexible approaches and then maps them to specific enablers, including processes.
- Comprehensive coverage
In the second principle, COBIT 5 integrates enterprise governance and IT governance. It includes all the resources (including processes) that utilised to manage technology and information. Considering the latest developments and views in the government and the integration of IT governance with organisational governance, COBIT 5 can combine both forms of governance at once. The overall IT services and business processes included in the COBIT 5 framework. The 4 important elements of this holistic or end-to-end approach are:
- Deciding the scope of the project
- The objective of governance with an emphasis on creating value
- The enablers, which can collectively or individually decide what is going to work
- Assigning responsibilities, roles, and activities
By taking an overall approach and integrating the processes, COBIT 5 allows for more effective achievement of the organisation’s strategic, measurable objectives.
- The application of a single integrated framework
The world of technology is continually evolving and growing. Also, there are increasing pressures from stakeholders, including suppliers and customers, to meet their diverse changing requirements. Together, this has led to a daunting task for enterprises to govern and manage their information and related technologies. The COBIT 5 tailorable framework allows enterprises to have an integrated framework (containing other relevant standards, methods, framework like PRINCE2, TOGAF, ISO 27001 etc) and this provides enterprise consistency and coverage. The reason why COBIT 5 maintains the position of a unified framework is due to the reasons below:
- COBIT 5 acts as an integrated source of direction for both non-technical and technical terms of language
- With inputs from relevant frameworks, methods, and standards, COBIT 5 aligns all the governance and management activities with composing itself as the most unifying governance and management framework
- COBIT 5 aligns itself with all the relevant frameworks and standards like, ISO and ITIL standards
The single framework system of COBIT 5 remains relevant to the other frameworks used by an organisation.
- COBIT 5 enables a holistic approach
When making crucial decisions for the organisation, you need to have a complete view of the organisation, including the governance and management structures and processes. Effective governance and management of IT are facilitated by COBIT 5 using enablers.
COBIT 5 facilitates effective management and governance of IT across the organisation using enablers. Enablers are the factors driving the outcome of activities that are governance and management related. Enablers can be applied across the entire organisation, including all the internal and external resources relevant to Enterprise IT governance and management.