COBIT offers guidance on how to organize the activities that go on in IT within all business activities, and tools to ensure it is happening predictably and reliably. Here are the three components of COBIT 5:
- A process model – helps enterprises to understand the nature of all the activities that relate to IT and how to organize them so they can be reliably performed and understood. The COBIT 5 assessment models consists of 37 processes across Governance and Management, covering things such as managing a change, defining a strategy or running the service desk.
- Best practice – COBIT 5 gives guidelines on what to do in each process. This helps ensure that the processes perform properly according to best practice.
- Tools – COBIT 5 also gives a set of tools which can be used to set meaningful objectives, and monitor metrics. In addition, there are Capability Maturity techniques which allow an organization to assess the maturity level of all processes according to defined criteria.
Once put in place, organizations which choose to utilize COBIT 5 can expect three key benefits:
1) A direct impact on business performance –this falls into two categories:
- Operational – where IT is required for everyday operations, COBIT 5 will help to reduce running costs and increase reliability.
- Strategic – going for a business opportunity will often require IT support. COBIT 5 ensures that strategies are met with the necessary support to succeed.
2) Minimizing risk – Best practice and reliable processes help to mitigate risk in the following areas:
- Risk of wasted investment and expense
- Risk of breached security
- Risk of unreliable data integrity
- Risk that relevant information cannot reach its destination
- Risk of loss of service
- Risk of inadequate infrastructure
- Risk of IT projects failing due to a lack of accountability
3) Regulatory environment – The growing influence of technology on people’s everyday lives across the world is increasing the role of regulation. Regulators expect IT to be used reliably and safely. COBIT 5 enables proper compliance, and makes it far easier to demonstrate how it’s been done, using the COBIT model.