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PO5.1 - Financial Management Framework

This topic is intended to enable collaboration and sharing of information to facilitate a better understanding and approach to implementing this COBIT control objective based on the risk, value and guidance provided by its corresponding control practices.

COBIT Control Objective PO5.1 - Financial Management Framework is contained within Process Popup Manage the IT Investment

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Financial Management Framework

Establish and maintain a financial framework to manage the investment and cost of IT assets and services through portfolios of IT-enabled investments, business cases and IT budgets.

View value and Risk Drivers  help

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Value Drivers

  • Insight into the value of IT’s contribution to the business, by using standardised investment criteria
  • IT priorities based on IT value contribution
  • Clear and agreed-upon budgets
  • Improved ability to assign priorities based on business cases
  Risk Drivers
  • Unclear priorities for IT projects
  • Inefficient process for financial management
  • IT budget not reflecting business needs
  • Weak control over IT budgets
  • Failure of senior management to approve the IT budgets
  • Lack of senior management support

View Control Practices  help

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  1. Define a framework, process and responsibilities to:
    • Drive IT budgeting and cost and benefit management
    • Enable fair, transparent, repeatable and comparable estimation of IT costs and benefits for input to the portfolio of IT-enabled business programmes (including a cost structure)
    • Maintain the IT asset and services portfolios and ensure that their maintenance is reflected in budgets and plans
  2. Define inputs, outputs and processes inherent in the framework, and make regular updates based on available financial information.
  3. Create and maintain portfolios of IT-enabled investment programmes, IT services and IT assets, which form the basis for the current IT budget and support the IT tactical and strategic plans.
  4. Establish and use a process to use financial and portfolio information to provide input to business cases for new investments in IT assets and services throughout their full economic life cycle.
  5. Work with service delivery managers to maintain the service portfolios and with operations managers and architects to maintain the asset portfolios, and provide an information prioritisation process of investment decisions.
  6. Record and maintain the current IT budget, including committed expenditures and expenditures to date, considering:
    • IT projects recorded in the IT-enabled investment portfolios
    • Operation of and maintenance to asset and service portfolios
  7. Use the financial framework and processes to provide fair, transparent, repeatable and comparable input on cost and benefits to business cases for new investments, in co-operation with the business.
  8. Establish procedures to communicate the cost, benefit and risk-related aspects of these portfolios to the budget prioritisation, cost management and benefit management processes.

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Events & Online Learning: 15 total

Journal Articles: 238 total

Volume 3, 2107
by Jayakumar Sundaram, CISA, ISO 27001 LA
The SoA is a continuously updated and controlled document that provides an overview of information security implementation.
Volume 6, 2106
by Venkatasubramanian Ramakrishnan, CISM, CRISC, CHFI
Bayesian networks can capture the complex interdependencies among risk factors and can effectively combine data with expert judgment.
Volume 1, 2018
by Aditya K. Sood, Ph.D., and Rehan Jalil
With the robust requirements listed by upcoming regulations, such as GDPR, the importance of a cloud app security solution cannot be ignored.
Volume 1, 2018
by Sandy Fadale, CRISC, CISM, CGEIT
Get to know your network.
Volume 6, 2017
by Robert Putrus, CISM, CFE, CMC, PE, PMP
This article presents a risk-based management approach to third-party data security risk and compliance through the development of a third-party risk register.
Volume 6, 2017
by Guy Pearce
The modern GRC landscape has a significant impact on how an enterprise-scale big data project would be undertaken today.

Wikis: 2 total

Blog Posts: 167 total

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