Financial Services IT Governance Framework

Client Overview

A mid-sized financial services firm with 300+ employees managing over $2 billion in assets needed to strengthen their IT governance framework to meet regulatory requirements and reduce technology risks.

Challenge

The client faced several critical challenges:

• Increasing regulatory scrutiny and compliance requirements
• Inconsistent IT decision-making processes across departments
• Lack of visibility into technology risks and security vulnerabilities
• Inefficient IT spending with duplicate systems and services
• Difficulty aligning IT investments with business objectives
• Growing concerns about data privacy and protection

Solution

We developed a comprehensive IT governance framework that included:

• IT steering committee structure with clear roles and responsibilities
• Technology risk management framework aligned with industry standards
• IT policy development and implementation
• Compliance monitoring and reporting system
• IT investment evaluation and prioritization process
• Vendor risk management program
• Data governance and protection framework
• IT performance metrics and reporting dashboard

Implementation Process

Our IT governance implementation followed these key phases:

1. Assessment of current IT governance practices and regulatory requirements
2. Gap analysis and risk assessment
3. Development of governance framework and policies
4. Implementation of committee structures and decision processes
5. Technology risk management program implementation
6. Staff training and change management
7. Monitoring and continuous improvement

Results

Client Testimonial

"The IT governance framework has transformed how we manage technology in our organization. We now have clear processes for making technology decisions, managing risks, and ensuring compliance with regulations. The framework has not only improved our regulatory standing but has also made our IT investments more strategic and aligned with our business goals."