Running a business in a world that is almost entirely digitized is not easy. You must have a myriad of IT solutions to stay competitive. That is exactly where COBIT comes into the picture. To fully understand what it is or even what it stands for, it is important to first out how and why it plays a big role in the business world today. Technologies such as cloud computing, social media marketing and mobility can put any business ahead of the pack if harnessed well. Unfortunately, they always give business challenges like management and data governance. COBIT comes in as a tailor-made solution.
What Is COBIT?
COBIT is an acronym for Control Objectives for Information and Related Technologies. It is a framework with the sole objective of helping organizations that wish to develop, monitor and improve data management as well as information technology governance. It was established by Information Systems Audit and Control Association, aptly referred to as ISACA.
When Was COBIT Founded?
COBIT was first founded in the mid-1990s. There was an urgent need back then to come up with a solution to data management. COBIT came in not just as a solution to data management issues but also an audit entity that made it easy for financial auditors to navigate IT opportunities that were unexplored at the time. COBIT has since grown beyond auditing. ISACA has for instance, come up with management guidelines in its third version. It gets better with the fact that ISACA’s version 4 highlighted the importance of ICT governance and added it to its set of guidelines. The latest version released in 2004 is more elaborate on the importance of information governance and the role it plays in the success of any business today. The version also provides a comprehensive insight on enterprise risk management.
What Are The Benefits Of COBIT?
COBIT has had a total of 5 versions since its inception. All the 5 versions have had several perks along them. The latest version is however, more comprehensive and beneficial than all the previous versions combed. Apart from its ability to help you supervise and manage your information security with ease, COBIT 5 can easily help you set up audit and risk management solutions. The version is especially beneficial to audit and assurance companies as they can help business owners to manage vulnerabilities and at the same time ensure compliance.
What Is COBIT 5 Made Of?
It is ISACA’s latest version. It features several components like its main framework which includes good IT practices related to IT domain and governance. Then there is the Process Descriptions component which is designed to help organizations have a reference process model as well as a conversely common language that can be used by everyone in a given organization. Control Objectives is another component of COBIT 5. It features a complete list of all requirements that are necessary for effective control of IT processes. Other components include Management Guidelines and Maturity Models.