What is governance?

The term governance can mean many things to many people, so let us first try to understand what governance exactly means.

This concept can be applied to several domains, so let’s break down from top to bottom:

Corporate governance

Corporate governance refers to the rules, policies and processes (and in some cases, laws) by which businesses are operated, regulated and controlled.

These are often defined by a board of directors or shareholders, or the constitution of the organization; but they can also be defined by legislation, regulation, standards bodies or consumer groups.

Governance needs to be able to evaluate, direct and monitor the strategy, policies and plans.

 

• • Ensures that policies and strategy are actually implemented, and that required processes are
    
    correctly followed.

• • Governance includes defining roles and responsibilities, measuring and
    
    reporting, and taking actions to resolve any issues identified.

The international standard for corporate governance of IT is ISO/IEC 38500.

Organizational Project Management Governance

Organizational Project Management Governance is a strategic business execution framework that utilizes portfolio and project manangement as well as organizational enabling practices to consistenly and predictably deliver organizational
strategy to produce better performance, results and business value.

Portfolio Governance

Portfolio governance refers to the systems and methods by which a portfolio and its strategies are defined, authorized, monitored, and supported. It also refers to the systems and methods by which the portfolio team monitors and manages
the components of a portfolio. proper governance is essential and crucial to enforce accountability, optimize investments, escalate issues to decision makers, and improve communication.

Project Governance

Project Governance refers to the framework, functions and processes that drive activities of project management in order to create a product, service or unique result in order to fulfill strategic and operational objectives of the
organization.

IT Governance

IT governance is an element of corporate governance, aimed at improving the overall management of IT and deriving improved value from investment in information and technology.

IT governance frameworks enable organisations to manage their IT risks effectively and ensure that the activities associated with information and technology are aligned with their overall business objectives.

Lean IT Governance

With KVASAR we help your company to define a Organizational Project Management Governance Framework using Lean Concepts ( Strategic themes, Portfolios, ValueStreams)

We will help you in implementing and managing an efficient IT governance framework for your organization or business unit while keeping it effectively aligned with the business.

Learn how our brand new platform KVASAR enables Lean Agile Governance using SAFE

Also you can try this questionnaire to evaluate project management maturity in your organization!

Take the quiz!