Model for IT Governance Assessment in Banks Based on Integration of Control Functions

Nowadays banks are struggling with risky environment and constant technological changes in order to achieve best possible results. Information technology is crucial for banks to be able to create, implement and deliver new services and products but at the same time it is source of significant risks. In order to achieve results that are sustainable in long term banks need to assure adequate IT governance. Regulators give guidelines and frameworks for IT governance but very often bank managers and supervisors find themselves confused by actual assessment of their IT governance. This paper proposes a new model for IT governance assessment in banks that is based in integration of control functions. Basis for model development is identification of IT audit areas that are then analyzed by IT risk and IT compliance components. Model enables banks to assess their IT governance and prioritize IT areas that need improvement what in the end can lead to increase in banks effectiveness and results.