IT Toolkit: By James Stapleton

Many of the tools and practices here are all very good for a company to have, but each has it's specific pupose in the company. If your looking to setting up proper risk control, COBIT is a good framework to go with, it is also a good Umbrella framework. In general, COBIT is a good overall framework to have for your company.  ITIL is good when regarding operations only within a company. It is possible to have multiple frameworks within a company as it is a common practice within companies. At the end of the day it is important to find a framework that works well for you and your company and what will be more efficient.  

1. COBIT (IT Governance Institute, 2007).

2. Risk Management (IT Governance Institute, 2007).

3. ITIL (Behr, & Kim, & Spafford, 2004).

4. Balanced Scorecard (Rohm, March, 2014)

COBIT

An IT governance framework and supporting toolset that allows managers to bridge the gap between control requirements, technical issues and business risks. COBIT enables clear policy development and good practice for IT control throughout organizations. COBIT emphasizes regulatory compliance, helps organizations to increase the value attained from IT, enables alignment and simplifies implementation of the enterprises' IT governance and control framework.

RISK MANAGEMENT

Risk management is the process of identification, analysis and either acceptance or mitigation of uncertainty in investment decision-making. Essentially, risk management occurs anytime an investor or fund manager analyzes and attempts to quantify the potential for losses in an investment and then takes the appropriate action (or inaction) given their investment objectives and risk tolerance. Inadequate risk management can result in severe consequences for companies as well as individuals.

ITIL
The ITIL (Information Technology Infrastructure Library) framework is designed to standardize the selection, planning, delivery and support of IT services to a business. The goal is to improve efficiency and achieve predictable service levels. The ITIL framework enables IT to be a business service partner, rather than just back-end support. ITIL guidelines and best practices align IT actions and expenses to business needs and change them as the business grows or shifts direction.

Balanced Scorecard 

A strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals.