4. Case study 1: Prudential
Background
Prudential, a leading financial services provider worldwide, recognizes the need to adopt an IT governance framework to provide its operations in Asia with a uniformed platform to sustain growth and eliminate risks. As a result, the corporation chose Control Objectives for Information and related Technology (COBIT) for its user-friendliness, flexibility and simple structure. Although Prudential’s implementation of COBIT is still in progress, the corporation’s regional IT team has already seen results in enhanced communications between IT and business operations, better responsiveness in project management as well as an improved environment for risk assessment for each of the corporation’s 12 market countries in Asia.
Some improvements Prudential made through having COBIT:
- COBIT Provides Essential Foundation for Management Support
IT governance can appear to be a boring subject to Prudential colleagues in business operations, and without any background in IT many of them may never understand it. The last thing Prudential want is to give the business and project managers the impression that IT governance is all about what they cannot do rather than what they can do. For this reason, Prudential adopted COBIT as their framework because its language is so easy for non-specialists to understand and it will enable business colleagues to develop an interest to understand what doors IT governance can open for them
- COBIT Helps Protect Corporate Integrity and Reputation
With so much data about Prudential’s clients across Asia, the possibilities of leaking any of these data to unwanted hands is something that Prudential have always kept in mind. Without a proper code of conduct in the IT system, however, there will be risks for someone to gain undesirable access to those data. In another scenario, if Prudential were to outsource its IT operations to the wrong partner without the proper guidelines put in place, the corporation will be revealing its businesses to further risks across the region. Therefore, to Prudential, COBIT is a very important guiding light that identifies where the risks are, what their overall impact is, and what the team can do to deal with them.
- A Cost-effective Value Creator with Long-Lasting Results for Corporations
COBIT’s well-structured, easy to use components allow Prudential to get as technical and specific on any element or topic as they see fit. At the same time, it also provides them plenty of capacity to take into consideration the needs of Prudential’s various markets in Asia.
Conclusion
Although Prudential’s implementation of COBIT is still in progress, it is clear from that the framework will continue to provide values to the corporation in terms of:
- IT governance: Pan-regional strategy formation, uniformity
- Cost-cutting: Trims repetition
- Security: Managing regional customer data
- Outsourcing: Provides proper liabilities for outsourcing partners
- Easy to understand terminology for wide range of corporation audiences
- Business Growth: Provides a safer, more coherent overall IT environment for leaders to focus
- Risk assessment: Sets boundaries for decision-makers to understand what they can do
posted by zeSt @ 1:11 AM
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