For credit unions that are looking to leverage cloud computing now or in the future, a recently released educational white paper may help boards of directors align their cloud computing plans with business objectives and risk tolerance.
The Information Systems Audit and Control Association, a non-profit, independent organization based in Rolling Meadows, Ill., produced the free white paper.
Although cloud computing can help credit unions become more efficient, agile, innovative and flexible, achieving these benefits depends on a number of factors including the involvement of the board of directors, according to ISACA.
“Board members need a clear understanding of cloud computing benefits and how to maximize them through effective governance practices,” said Marc Vael, an ISACA board member. “This requires the board to see cloud computing not as an IT project, but rather as a business strategy.”
According to ISACA’s white paper, Cloud Governance: Questions Boards of Directors Need to Ask, boards should address the following five questions to determine the strategic value that cloud services are expected to provide and the impact that the cloud may have on resources and controls:
- Do management teams have a plan for cloud computing, including the evaluation of the value and opportunity costs?
- How do current cloud plans support the credit union’s mission?
- Have executive teams systematically evaluated the organizational readiness for cloud computing processes?
- Have management teams considered what existing investments might be lost in their cloud planning?
- Do management teams have strategies for measuring and tracking the value of cloud return vs. risk?
“The answers to these questions will help determine the enterprise’s readiness to adopt cloud computing and also help ensure that the necessary governance is in place,” said Vael. “The COBIT 5 framework for governance and management of IT can also help enterprises manage investments such as cloud services. COBIT 5 helps ensure consistent practices to maximize value and manage risk.”
ISACA’s white paper is available as a free download at www.isaca.org/cloud-governance. The COBIT 5 framework also is available as a free download at