IT Governance in Financial Services

Abstract

The contemporary business environment is totally reliant on its IT systems. Technological developments have not only made many forms of business activity more effective and efficient, they have created new forms of business. This applies to rational as well as ‘new’ markets. The birth and growth of the information economy has radically changed the way we run our lives. No sector has benefited from technology as much as the financial sector. Financial services are now inconceivable without the pervasive support of IT and communications. Local and global activities in near real-time, essential for oiling the wheels of all business activity, rely completely on the success of IT systems. It is no surprise, then, to find that the link between business interest and IT development is strong. This link is key to shaping the vital interface between business aspiration and IT reality, it defines the scope and central place of the concept of IT governance.