In an article entitled "Building an IT Governance Foundation," Baseline Magazine's Adam Nelson provides a terrific (but short) overview of IT Governance--consider it a high-level primer on some of the things you need to know about IT Governance.
The article starts of by noting that a good IT governance strategy requires an IT governance framework, such as ITIL, Six Sigma, Balanced Scorecard or others. It then goes on to explore CobiT (Control Objectives for Information and Related Technology), a set of best practice objectives for IT organizations and the governance standard by which auditors use to measure compliance against Sarbanes-Oxley. The article continues by exploring ways the organizations can overcome challenges, including improving project planning and investment; increasing collaboration and information sharing; facilitating effective communication and transition across the lifecycle; controlling cost while providing efficient operations and support; enhancing service delivery; and improving security. According to the piece, IT organizations usually approach these themes individually, although they may also be addressed as part of a strategic approach to transformation.
Nelson goes on to point out an organizations should us a common toolkit, or IT governance framework, to communicate about these issues and challenges. Transforming your IT governance infrastructure requires a disciplined process, and one that can be documented and improved as time goes on. In addition, he points out that dedicated resources should be allocated and progress and decision making shouldn't be timed to arbitrary external events, such as quarterly earnings calls.
Lastly, Nelson closes with an overview of the four-step plan for greater IT governance: Plan and Organize, Acquire and Implement, Deliver and Support, and Monitor and Evaluate.
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