How does COBIT 5 help achieve regulatory compliance?
COBIT 5 is used by publicly traded companies to assist them in the Sarbanes-Oxley Act compliance processes. The Sarbanes-Oxley Act requires the company’s chief executives to attest to the accuracy of the information in their financial reports. This necessitates reliable IT processes and controls.
How does COBIT 5 help in risk management?
It has the capability to encourage better unity around IT deployments and reduce the chance of failure. COBIT 5 is widely credited for its ability to help minimise implementation risk of IT processes. IT initiatives typically require agility and quick adaptation.
Is the COBIT 5 framework superior to the other accepted control models?
COBIT 5 makes an attempt to deal with IT-specific control issues from a business perspective. The managements are becoming increasingly aware of this fact. It may be noted that COSO was used as source material for the business model and ISO 17799 and ITIL, amongst many others, were used to develop the control objectives. COBIT 5 is not meant to replace any of these control models. It is intended to emphasize what control is required in the IT environment while working with and building on the strengths of these other control models.
How are the management guidelines integrated into the COBIT 5 framework?
It has been developed for each of the 34 IT processes. The management’s decision-making processes are supported by guidelines that provide the requisite Maturity models, goals and metrics, and roles and responsibilities (RACI) charts.The managements use the tools that the management guidelines offer, to allow self-assessment and choices to be made for control implementation and improvements over its information and related technology. These tools were developed from a management and performance measurement perspective.