GRC Viewpoint

Not All SMBs Are Ready with a Proper IT Governance

IT is no exception in an era where a proper governance strategy has turned instrumental. Having an appropriate method of governance in place is equally essential for any enterprise, regardless of its size. As a result, SMBs have to give more emphasis on IT and its governance.

Over the years, SMBs have witnessed such rapid growth and have become inevitable for driving economic growth. 

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SMBs are now integral for creating jobs, innovation, and social integration. Besides, SMBs are heavily reliant on IT, like larger enterprises. Therefore, it is essential to have proper and effective IT governance that addresses an enterprise’s present and future requirements.

Here are some immediate consequences of not having a proper IT Governance strategy in place:

Affects strategy alignment

Impacts risk management

Lack of identification of vulnerable data

Improper functioning of critical services

Lack of proper security controls

Absence of coordination between IT and business strategy

Weakened communication across various stages of business

Inability to properly align resources

Substandard risk management

Enhanced vulnerability to cyber threats

Inability to fully leverage existing IT framework

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The Reality

Despite the risks mentioned earlier, the reality is that many SMBs are far away from implementing proper IT governance. As a result, some SMBs underestimate the importance of an appropriate IT structure and management. 

In some cases, SMBs encounter some limitations, such as a lack of expertise or a shortage of IT talent. In addition, financial constraints still prevent many SMBs from allocating sufficient resources toward IT governance.

Also, many of the IT startups and SMBs are led by professionals who are either incompetent or lack advanced experience in IT governance. 

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