Your Institution’s Guide to IT Governance

profile of businesswoman with IT images and icons in her brain

10 minutes

How to strengthen your IT security and compliance

In today’s changing technology landscape, financial institutions must successfully navigate compliance, cybersecurity and IT challenges—all while achieving their strategic goals and delivering results for stakeholders. 

Credit unions face a variety of challenges in these areas, often investing significant amounts of resources to improve outcomes. But these ever-increasing expenditures do not always lead to intended results, especially if not strategically approached as a business decision.

Some credit unions rely on guidance from a third-party partner to improve outcomes for IT, security and compliance, such as virtual chief information officer (vCIO) services. But many institutions need a higher level of engagement for business consulting and a greater degree of help around regulations and security. An advisory services model for IT governance covers topics beyond vCIO services.

Your credit union must ensure that the technology you implement to satisfy strategic goals empowers your success in a changing market, without creating inefficiencies. That’s the value of IT governance—the process of ensuring your institution’s business objectives align with IT and information security strategies.

Partnering with a trusted organization for IT governance gives your credit union access to experienced industry professionals and their deep bench of knowledge. Since IT and cybersecurity are business problems, viewing these initiatives through the lens of IT governance allows your credit union to optimize your strategies and leverage technology that will help achieve your unique goals. 

By helping lines of business within your institution better define their objectives in an evolving and transformative market, IT governance can improve your bottom line and drive value for your members. Further, the IT governance process empowers credit unions to recognize initiatives and projects that are detrimental to their security posture, create friction in the business and work against business objectives.

While services like vCIO or vCISO provide access to professionals who offer guidance, the level of involvement differs compared to IT governance. IT governance services look at issues from multiple perspectives—including compliance, security and IT—to offer a greater degree of guidance around your credit union’s approach to meeting regulations and implementing the latest technology. 

This whitepaper examines the differences between vCIO services and IT governance, provides a guide to the areas covered by IT governance and covers how embracing a risk-based approach to IT governance strengthens IT and IS strategies.

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