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COBIT stands for ‘Control Objectives for Information and Related Technologies. It was launched by a professional association ISACA, which stands for Information Systems Audit and Control Association, as a good-practice framework. Motive for creating COBIT was to establish a simplest and common medium for interactions among various business personalities.
First version of COBIT was released in 1996. Then, version 2 was developed in 1998 and it further evolved to version 3 in 2000. Version 4 and 4.1 were launched consecutively in years 2005 and 2007 respectively. The latest version, COBIT 5 was released in April, 2012.
COBIT was created for management and governance of information technology. COBIT is meant for implementing IT practices (management and governance) to an organisation. One can monitor and thus improve the actions put forward towards the objectives. Thus, it have a whole hand on control requirements and technical issues.
Well settled organisations understand the purpose of COBIT. It helps in providing IT governance models, which further helps in delivering data from IT and inspecting the data to measure and manage risks and other factors.
After COBIT version 4.1, we have reached COBIT 5 which is the latest version of ISACA’s global framework. This version of COBIT provides a business executive with practices, models and various tools to help in increasing the efficiency and accuracy in values received from Information systems.
4 Key features of COBIT 5:
1. The first important feature of COBIT 5 is that it released with an evolution from COBIT 4.1’s Maturity Model to COBIT 5’s Process Capability Model. Both the Models perform same task but structure of framework in new Process Capability Model is modified.
2. COBIT 5 gives a feature of Balanced Scorecard (BSC), which is used to understand the business values of IT. It is used in various organizations to measure the execution of enterprise in different areas.
3. COBIT 5 is created to have more focus on Business and IT as an Integrated Form. This will help improving system of organization as clarifying roles and Communication and preventing enterprise getting harm by some information and technology related issues.
4. COBIT 5 is developed to have more focus on goal of process, adding more value to approach used here as compared to that in COBIT 4.1.
This made COBIT 5 a whole new concept from the previous version, though it still performed the same task.
COBIT 5 was built on some basic but important principles. ISACA, itself, raised this principles which are:
• Meeting Stakeholder Needs
• Covering the Enterprise End-to-end
• Applying a Single Integrated Framework
• Enabling a Holistic Approach
• Separating Governance From Management
To sum it up, development of COBIT has shown a whole new way to controlling system for a Business executive. It, being a good-practice framework, has made management and governance easy like never before.