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Posted on Wednesday, 4th October 2023 09:30
Submitted by ILX Marketing Team
Strategies for achieving governance, compliance and risk management with ITIL® 4

A recent statistic from Gitnux states that 36% of organisations plan to increase investment in risk management and compliance in the next 2 years. One way to channel this investment is educating employees in ITIL® 4.

How does ITIL 4 address governance, compliance and risk management?

In three of the 34 practices outlined in the framework, ITIL 4 describes these concepts as follows:

  • Service governance helps to ensure an organisation’s services are aligned with its overall strategy, objectives and values
  • Compliance management involves assessing, evaluating and ensuring that IT services and processes meet legal, regulatory, and organisational compliance obligations
  • Risk management focuses on systematically identifying, assessing and managing risks associated with the delivery of IT services

What are some strategies for achieving governance, compliance and risk management detailed in ITIL 4?

The ITIL 4 guidance details a range of strategies to help IT service managers achieve governance, compliance, and risk management, including:

  • Structures and frameworks: Define roles and responsibilities within the organisation and outline how decisions will be made, how resources are allocated, and how IT services are aligned with business objectives
  • Planning: Develop plans to address compliance gaps and risk mitigation actions ensuring a process is in place ahead of time
  • Identification: Identify potential risks, governance and compliance issues considering factors such as likelihood, impact, and risk tolerance
  • Documentation: Maintain thorough records of governance decisions, risk assessments, compliance activities, and mitigation efforts
  • Communication: Establish clear channels of communication for reporting and sharing information related to governance, compliance and risk management, ensuring stakeholders are informed when necessary as well
  • Regular reviews: Conduct regular reviews of governance processes, compliance status, and risk management efforts which will provide insights into areas that may require improvement

What are the benefits effective governance, compliance, and risk management?

Effective governance, compliance, and risk management offers several significant benefits for an IT service manager, such as:

  • Alignment with business goals
  • Better organisational reputation
  • Continuous improvement
  • Efficient resource allocation
  • Enhanced transparency with stakeholders
  • Improved decision-making
  • Proactive issue resolution

Book ITIL 4 training!

If you’re looking to improve governance, compliance, and risk management within your organisation ITIL 4 training could be the solution. We offer all courses included in the ITIL 4 Managing Professional and Strategic Leader designations as e-learning, virtual and classroom training options.

Visit our website or contact our customer service team for more information.