What is Corporate Governance and and what are the core principles of corporate governance? And what is the difference between Corporate Governance and IT Governance in an enterprise?
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Corporate governance refers to the mechanisms by which organizations are operated or run, directed and controlled under the watchdog of board of directors (BOD) and senior executives. And the key corporate actors include board of directors, senior management and stakeholders. Furthermore, corporate governance is the overarching set of policies, procedures, standards, frameworks, and relationships that enable an organization to establish business objectives and requirements. Besides, IT governance is a type of corporate governance and deals with improving the overall management of IT in an organization through top management oversight.
The core principles of corporate governance include the following:
- Accountability
- Transparency
- Fairness
- Responsibility
The key principles of IT Governance in an enterprise include the following:
- Actively design governance
- Decide when to redesign
- Engage senior management
- Make strategic choices
- Establish exception-handling process
- Provide appropriate incentives
- Establish ownership and accountability matrix for IT Governance
- Incorporate governance at multiple organizational structures
- Provide transparency, training and education
- Implement common mechanisms across key organizational assets
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