COBIT Foundation training and exam

29th and 30th June : I'm attending the COBIT Foundation training and certification exam at Pink Elephant. The training is held at The Nomad, 26th Floor. Pergh... the second last floor of the ETIQA Twin Building. Today is my exam day at 3.00 pm and as usual i'm cramming my brain with loads of information (all 150 pages).

What is control?
control is define as to reduce incidences or severity of undesirable events to acceptable levels.

What is COBIT?
COBIT is Control Objective for Information related Technology! its an open framework of good practises designed to reduce undesirable events an increase the value of IT to the business.

BITA - Business to IT Alignment. IT supports business. IT goals must be aligned to the Organizations'/Business's Goals.

IT Challenges
-Keeping IT running
-value
-costs
-mastering complexity
-BITA
-Regulatory compliance
-security

What is COSO?
COSO is The Committee of Sponsoring Organizations of the Treadway Commission. COSO is based on internal control. Its actually an initial report produced by the Treadway Commission. The Treadway Commission is a private-sector initiative called the National Commission on Fradulents Financial Reporting which was set up in 1985.

COBIT History?
-1st edition - audit tool created
-2nd edition - formally known as COBIT
-3rd edition - added management guidelines
-4th edition - added BITA
-4.1 edition - more improved and enhanced control objectives/Business and Management focus

Characteristic of a control framework (general framework)
-business focus
-process orientation
-general acceptability
-common language
-regulatory requirement

IT Governance is a part of entreprise governance.
Entreprise governance is a structure of relationships and processes designed to direct the entreprise towards achieving its goals.

IT resources needs to be managed by a set of naturally grouped processes - 4 domains ... which is build on the concept of Plan, Build, Run and Monitor.

IT governance integrates good practices to ensure IT supports the business objectives.

COBIT is IT Governance and an internal control framework!

What does IT Governance consists of?
-leadership
-organizational structures
-processes

Who is accountable/responsible for IT Governance?
-Executive Management
-Board of Directors

IT Governance institute (ITGI) owns the concept of IT Governance.

IT Governance is best described as the responsibility of executiveas and the Board of Directors and consists of leadership, organizational structures and processes that ensure that the entreprise's IT sustains and extends the organization's strategies and objectives.

COBIT is IT Governance. COBIT supports IT Governance by ensuring that:
-IT is aligned with the business (BITA)
-IT enables the business and maximize benefits (value delivery)
-IT resources are used responsibly
-IT risks are manages appropriately.

IT Governance Focus Area (5)
-Strategic Alignment
-Value Delivery
-Resource Management
-Risks Management
-Performance Management