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Integrated IT Governance - Gaining a Competitive Edge

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Integrated IT Governance - Gaining a Competitive Edge


“We have seen decision makers dismiss data governance work during (the) project implementation phase, assuming it can be saved for later. This is precisely the type of thinking that leads to a lack of data governance and the entry of cyberattacks”
Mr Ng Hoo Ming,
Deputy Chief Executive of Operations, Cyber Security Agency Singapore
Today’s organisations are struggling to deal with the governance impact of digital disruption. Any digital footprint can be tracked, and inevitably bad practice and poor governance inevitably escalates to the surface with brand-destroying potential. Governance, Risk and Compliance (GRC)issues form the proverbial thorn in the elephant's foot, and it's going to take more than a mouse to get it out.
 Governance, Risk and Compliance (GRC) work hand in hand. In Information Technology, the way data and technology are managed are mostly based on the risks faced and adherence to regulation compliance.
GRC efforts must be more strategic, guiding how the entire organisation operates.
Employing multiple, duplicate systems in your organisation inevitably opens up various points of contention during IT auditing, including, but not limited to inaccurate and/or false reports.
Subsequently, this will cause misinformed decision making. Now picture an organisation that has no IT risk management with a perception that simply having IT makes everything better. An organisation could be staring at multi-million losses just because of a single system breach or malfunction.
Earlier this year, a giant social media platform fell under scrutiny for not governing and securing the users’ data properly. Users’ data were collected and without their knowledge, sold to undisclosed third party companies, with the misguided perception of unmalicious intent. However, this lack of data governance and protection has placed them under the spotlight, battling impending lawsuits and face risk of closure. Most importantly, they have slowly lost the trust of their customer users.
How do we deliver strategic value while regulating, monitoring and governing our IT systems?
 
What needs to be done? How can we strengthen our IT Governance? What will it take to gain a competitive edge?
 



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