Make Your IT Governance Adaptable – Financial Services
Build agility into your governance to stay in pace with change.
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- Resource capacity and technological capabilities have not kept in pace with organization growth and expectations.
- The scale, speed, and complexity of regulatory change is a challenge.
- Organizations have insufficient data and data-related capabilities to enable more agile and automated governance practices.
- AI/ML governance and ethics frameworks are immature and cannot support automated decisioning.
Our Advice
Critical Insight
- IT governance works against you if it no longer aligns with or supports your organizational direction, goals, and work practices.
- Your governance model should be able to adapt to changes in the organization’s strategy and goals, new risks, your industry, and your ways of working.
- Governance can be embedded and automated into your practices.
- Agility in your governance practices requires data agility.
- The interconnectedness between governance, regulation and achieving business outcomes needs to be considered in your governance design.
Impact and Result
- You will produce more value from IT by developing a governance framework optimized for your current needs and context, with the ability to adapt as your needs shift.
- You will create the foundation and ability to delegate and empower governance to enable agile delivery.
- You will identify areas where governance does not require manual oversight and can be embedded into the way you work.
Make Your IT Governance Adaptable – Financial Services Research & Tools
1. Make Your IT Governance Adaptable Deck – A document that walks you through how to design and implement governance that fits the context of your organization and can adapt to change.
Our dynamic, flexible, and embedded approach to governance will help drive organizational success. The three-phase methodology will help you identify your governance needs, select, and refine your governance model, and embed and automate governance decisions.
2. Adaptive and Controlled Governance Model Templates and Workbook – Documents that gather context information about your organization to identify the best approach for governance.
Use these templates and workbook to identify the criteria and design factors for your organization and the design triggers to maintain fit. Upon completion this will be your new governance framework model.
3. Implementation Plan and Workbook – Tools that help you build and finalize your approach to implement your new or revised governance model.
Upon completion you will have a finalized implementation plan and a visual roadmap.
4. Governance Committee Charter Templates – Base charters that can be adapted for communication.
Customize these templates to create the committee charters or terms of reference for the committees developed in your governance model.
5. Governance Automation Criteria Checklist and Worksheet – Tools that help you determine which governance decisions can be automated and work through the required logic and rules.
The checklist is a starting point for confirming which activities and decisions should be considered for automation or embedding. Use the worksheet to develop decision logic by defining the steps and information inputs involved in making decisions.
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Make Your IT Governance Adaptable
Modified for Financial Services
Build agility into your governance to stay in pace with change
EXECUTIVE BRIEF
Analyst Perspective
Governance should be part of your organization’s DNA – central to its being yet unique to your organization.
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The dynamic nature of today’s business environment, where consumer, technology, and regulatory change is pervasive, business agility is increasingly indispensable. To stay nimble and responsive to business change, financial services organizations must adapt their governance toward more agile and automated governance practices. Gone are the days when a check box was enough. Success in modern digital organizations depends on an organization’s ability to adjust to the velocity of business and the evolving risk and regulatory landscape. Practically, this means shifting from a people- and document-oriented approach to a data-centric approach and leveraging organization data to create decision rules that account for known risks and constraints and embedding governance directly into products, services, or processes. To stay aligned with business objectives and to avoid poor business outcomes, it is critical to build an approach to IT governance that is effective and suitable today while building in adaptability to keep it relevant for tomorrow. |
Donna Bales Principal Research Director, Info-Tech Research Group |
Executive Summary
Your Challenge |
Common Obstacles |
Info-Tech’s Approach |
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Info-Tech Insight
IT governance must be embedded and automated, where possible, to effectively meet the needs and velocity of digital organizations, regulatory requirements, and modern practices to drive success and value.
What is governance?
IT governance is a critical and embedded practice that ensures that information and technology investments, risks, and resources are aligned in the best interests of the organization and produce business value.
Effective governance ensures that the right technology investments are made at the right time to support and enable your organization’s mission, vision, and goals.
5 KEY OUTCOMES OF GOOD GOVERNANCE |
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STRATEGIC ALIGNMENT Technology investments and portfolios are aligned with the organization's strategic objectives. |
RISK OPTIMIZATON Organizational risks are understood and addressed to minimize impact and optimize opportunities. |
VALUE DELIVERY IT investments and initiatives deliver their expected benefits. |
RESOURCE OPTIMIZATION Resources (people, finances, time) are appropriately allocated across the organization to optimal organizational benefit. |
PERFORMANCE MEASUREMENT The performance of technology investments is monitored and used to determine future courses of action and to confirm achievement of success. |
EVALUATE – DIRECT – MONITOR |
Stages of governance
Adaptive (Data-Centric) ↑ Traditional (People- and Document-Centric) |
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Automated Governance
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Agile Governance
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Controlled Governance
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Ad Hoc Governance
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Governance Within Financial Services
- Governance in financial services is fundamental to the smooth functioning of the banking system. As intermediaries and conveyers of economic growth, financial institutions have a crucial role to play in supporting financial stability and the safe functioning of the economy.
- The use of novel technologies and an array of non-financial risk considerations has altered the risk and governance landscape. Your approach to governance needs to change to address emergent risks, make sound decisions, and maintain effectiveness.
- To meet the speed of business change and to effectively address regulatory requirements, your IT governance needs to be structured to support optimal decisions in real-time by automating governance and embedding controls directly into products, services, and internal processes.
Info-Tech Insight
Governance should be designed with adaptability in mind to ensure IT remains in alignment to business objectives, continually providing value while effectively safeguarding the organization against potential risks.
Corporate governance is robust and firmly embedded in bank supervisory laws and regulation
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Risk, Regulation, and Governance are interlinked
The impact of new regulation and the management of new and emerging risk needs to be well understood as they play an intrinsic part in how IT governance is structured to meet business objectives and optimize opportunities.
Legislation, laws, regulation, and guidance |
Regulation informs how governance is executed and risk is managed |
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Enterprise Risk Committee |
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Internal Control Functions (Compliance, IT, Risk Committee, Internal Audit) |
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IT Governance plays a critical role in achieving enterprise vision
ENTERPRISE GOVERNANCE AND STRATEGY
IT STRATEGY
- INFORMATION & TECHNOLOGY GOVERNANCE
- Support risk management
- Meet regulatory requirements
- Achieve business goals and objectives
- Support product and digital initiatives
- Protect against threats
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About Info-Tech
Info-Tech Research Group is the world’s fastest-growing information technology research and advisory company, proudly serving over 30,000 IT professionals.
We produce unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. We partner closely with IT teams to provide everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
What Is a Blueprint?
A blueprint is designed to be a roadmap, containing a methodology and the tools and templates you need to solve your IT problems.
Each blueprint can be accompanied by a Guided Implementation that provides you access to our world-class analysts to help you get through the project.
Need Extra Help?
Speak With An Analyst
Get the help you need in this 3-phase advisory process. You'll receive 6 touchpoints with our researchers, all included in your membership.
Guided Implementation 1: Identify Your Governance Needs
- Call 1: Confirm your organization’s mission and vision and review your strategy and goals.
- Call 2: Identify considerations and governance needs. Develop your guiding star and governing principles.
Guided Implementation 2: Select and Refine Your Model
- Call 1: Select your base model and optimize it to meet your governance needs.
- Call 2: Define your adjustment triggers and develop your implementation plan.
Guided Implementation 3: Embed and Automate
- Call 1: Identify decisions and standards you can automate and where to embed them.
- Call 2: Confirm levels of authority and data requirements. Establish your approach and update the implementation plan.
Author
Donna Bales
Contributors
- Christine Brick, Executive Advisor, InfoTech Research Group
- Valence Howden, Principal Research Advisor, Info-Tech Research Group
- Steven Jurovic, Executive Counselor, Info-Tech Research Group
- Michele Steele, Executive Advisor, Info-Tech Research Group
- 22 anonymous contributors
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Search Code: 99956
Last Revised: November 9, 2022
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