Banking Exchange Magazine Logo

It’s a Risky Business: Taking a Risk-Based Approach to IT Governance to Achieve Business Goals

Many banks and credit unions approach IT and cybersecurity issues strictly as technical problems and increase their spend year-over-year on information security banks and credit unions approach IT and cybersecurity issues strictly as technical problems and increase their spend year-over-year on information security (IS) programs and technology. Since many financial institutions view these issues through a technical lens, their solution almost always entails buying more technology. According to research from Celent, spending among institutions is growing globally, with banks allocating considerable sums toward meeting compliance requirements, strengthening IT security and investing in new technology.

The intended result of such spending is increased security, compliance and growth—but budgetary investments do not alone generate those outcomes. IT and cybersecurity are business problems, not just technical issues and require alignment with an institution’s goals in order to achieve greater effectiveness.

Institutions should take a risk-based approach to determine which technologies align with their strategic business goals. The right advisory partner for IT governance—which entails the processes used to verify that IT is aligned to an institution’s goals—will understand how technology, cybersecurity and financial services intersect, guiding an institution to achieve its specific business objectives.

Advisory services are utilized across a variety of industries and entail an industry expert working with an organization to provide recommendations surrounding IT governance. As the IT and cybersecurity landscapes evolve, most financial institutions require a partner to navigate complex requirements. Advisory services offer valuable experience and insight that can be difficult to find otherwise.

By partnering with industry experts or advisors, an institution can embrace a risk-based process for managing cybersecurity and IT while implementing controls that align with the institution’s strategic goals.

This white paper covers how a risk-based approach to IT governance and compliance benefits financial institutions, as well as why financial institutions are embracing advisory services for IT governance.

Download this White Paper

This white paper is brought to you by CSI


back to top


About Us

Connect With Us


Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer should slow us down. Automation generally supercharges any process and brings its value to the forefront. To get to the next level of closing, automation is a must so that repetitive, predictable, and laborious tasks can be automated.

Join us as we present a "sneak peek" into SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

Some results our customers have enjoyed include:


This webinar is brought to you by:
skystem logo