The first action taken by a newly formed IT governance committee to ensure reports are compliant with regulations and identify key IT risks should be to develop and monitor IT key risk indicator (KRI) triggers. IT KRIs are metrics that measure the likelihood and impact of IT-related risks on the enterprise's objectives and goals. IT KRI triggers are thresholds or values that indicate when a risk is approaching or exceeding an acceptable level, requiring attention or action from the IT governance committee. Developing and monitoring IT KRI triggers can help the committee to identify, prioritize, and manage IT risks, as well as to ensure compliance with regulations and policies.
Directing the development of a reporting communication plan, training end users on regulation requirements, and implementing a mechanism to ensure reporting escalation are also important actions for the IT governance committee, but they are not the first step. A reporting communication plan is a document that defines the purpose, scope, format, frequency, audience, and distribution of IT reports, as well as the roles and responsibilities of the report creators and recipients. A reporting communication plan can help the committee to communicate effectively and efficiently with the stakeholders about IT performance, issues, and risks.
Training end users on regulation requirements is a process that educates the end users on the rules and standards that apply to their use of IT systems and data, as well as the consequences of non-compliance.
Training end users can help the committee to raise awareness and ensure adherence to regulations and policies.
Implementing a mechanism to ensure reporting escalation is a procedure that defines the criteria, process, and channels for escalating IT reports to higher levels of authority or responsibility when necessary. Implementing a reporting escalation mechanism can help the committee to ensure timely and appropriate response and resolution of IT issues or risks.
References := Integrating KRIs and KPIs for Effective Technology Risk Management; Performance Measurement Metrics for IT Governance; State and Impact of Governance of Enterprise IT in Organizations:
Key Findings of an International Study.