A brief overview of C OBI T is provided-based on the premise that an organization needs information to achieve its objectives and IT resources need to be managed by a set of naturally grouped IT processes. Current, on-going initiatives to update C OBI T are addressed, including the development of a C OBI T implementation tool set. Future C OBI T initiatives also are discussed, including the development of IT control management guidelines. For many organizations, information and the technology that supports it represent the organization's most valuable assets. Truly, information and information systems are pervasive throughout organizations-from the user's platform to local and wide area networks to client servers to mainframe computers.
Many organizations recognize the potential benefits that technology can yield.
Successful organizations, however, understand and manage the risks associated with implementing new technologies. Thus, management needs to have an appreciation for and a basic understanding of the risks and constraints of IT in order to provide effective direction and adequate controls. Organizations must satisfy for their information, as for all assets, the requirements for quality, fiduciary, and security. Management must also balance the use of available resources including data, facilities, technology, application systems, and people. To discharge these responsibilities, as well as to achieve its expectations, management must establish an adequate system of internal control.