IT Governance Adoption in Banking and Insurance Sector: Longitudinal Case Study of COBIT Use

Abstract

For achieving business success and sustainability, companies should increase their focus on aligning business strategy with information technology (IT) governance. Consequently, there has been an increase of interest in IT governance adoption and the usage of COBIT framework. In order to investigate the reasons, ways and differences of COBIT framework implementation in financial sector companies, we have conducted a longitudinal research in form of case studies within two banks and two insurance companies. The results reveal an increase in COBIT maturity levels for all observed companies during the five year period, but with significant differences in the level and speed of its adoption. This research indicate the importance of true strategic IT and business alignment for increasing IT governance maturity and opportunities for business model innovation, which makes the practical contribution of the paper.