Developing an effective IT steering committee
As your institution navigates the changing world of IT, you need a strategy to ensure effective IT management and a secure, compliant environment. A holistic strategy to strengthen your cybersecurity posture, plan for future needs and ensure alignment to your institution’s goals should include the creation of an IT Steering Committee.
What is an IT Steering Committee?
Providing strategic direction for IT-related projects, an IT Steering Committee is a group of high-level stakeholders who are tasked with establishing an institution’s IT priorities, as well as a governance framework to support these projects and initiatives. According to the Federal Financial Institutions Examination Council (FFIEC), many boards of directors elect to delegate the responsibility to monitor IT activities and progress to such a committee. Your committee should be empowered to “steer” IT to successful outcomes and ensure alignment with your business objectives.
An IT Steering Committee adds value by clearing hindrances from the pathway to success for the achievement of IT-related business objectives while ensuring initiatives remain on track and aligned with their original intent. This function often requires decisive action as the committee works to identify and mitigate issues before the project encounters trouble or suffers meaningful setbacks. However, many IT Steering Committees lack effectiveness because they fail to realize this critical function, or they are not empowered or prepared to embrace this role.
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