What is a Control Objectives for Information and Related Technologies (COBIT)?

COBIT stands for Control Objectives for Information and Related Technology. It is a framework created by the ISACA for IT governance and management. It was designed to be a supportive tool for managers—and allows bridging the crucial gap between technical issues, business risks, and control requirements. COBIT is a thoroughly recognized guideline that can be applied to any organization in any industry. Overall, COBIT ensures quality, control, and reliability of information systems in an organization, which is also the most important aspect of every modern business.

Applicability

The scope of the applicability of COBIT® 5 and information, which is the key enabler of COBIT® 5, is not limited only to IT companies but also applied to the following entities:  

  • Global organizations 
  • Multinational businesses
  • National and local governments
  • Charities and not-for-profit enterprises
  • Small and medium enterprises 
  • Clubs and associations. 

Objective

The objectives of COBIT are: 

  • Strategic Alignment
  • Governance
  • Independent of Size of Company
  • Auditing
  • Industry Standards

Approach

Our approach has been covered in a 5-phase format. These include: 

Phase 1: Understand Business Process
Understanding the environment and management’s expectations along with the policies and procedures.

Phase 2: Identify Risks and Controls
Identify target processes and understand the process flow, risk, information assets and controls pertaining to processes. 

Phase 3: Controls Design Testing
Identify controls based on COBIT Framework and prepare the issue and opportunity registers, test the control design and identify deficiencies. Prepare risk mitigation plan and calculate the residual risks.

Phase 4: Controls Evaluation
Perform internal audit and identify the control weaknesses and impact of deficiencies. 

Phase 5: Reporting

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