Search
 

Window Of Opportunity

Are businesses in general and insurance carriers in particular receiving the full benefit from their investment in information technology? Not all benefits can be ...

By Robert Regis Hyle | Updated on October 31, 2005

Are businesses in general and insurance carriers in particular receiving the full benefit from their investment in information technology? Not all benefits can be seen in black or white, so delving into the gray areas has become the focus for those businesses that are using some form of IT governance to track their IT investments. IT governance has been around in various forms for as long as there have been IT departments, according to some industry watchers, but the issue has come into the forefront in the post-Enron era with the major focus being the Sarbanes-Oxley Act requirements passed by Congress for U.S. corporations.

There are two main emphases to IT governance, reports Ron Saull, senior vice president and CIO with Great West Life and IGM Financial. Number one is ensuring the investments a company makes in IT produce value to stakeholders or shareholders, depending on whether a company is public or private. The second emphasis is to identify and manage risks associated with information technology. “One of the risks our company is concerned with is reputational risk–the unauthorized access to confidential client information,” he says. “Controlling that risk doesn’t necessarily produce value in and of itself, but it certainly protects the investment in your business. Value creation and risk management are what governance is about–to ensure both of those things happen.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.