Critical success factors in IT governance: A quantitative study in the Colombian financial sector

Abstract

Objective: The purpose of this study is to highlight the level of adoption of governance frameworks and best practices in Information Technology (IT) in the Colombian financial sector. It emphasises aspects such as value creation, strategic alignment between IT and business, and the most widely accepted processes.

Design/methodology: A questionnaire was used as a data collection tool, targeting employees of Colombian financial institutions. The objective was to identify the most widely used IT governance frameworks, the characteristics of strategic alignment, the most widely implemented processes, and the main barriers to their adoption.

Contributions and results: The analysis reveals that the Colombian financial sector perceives clear value generation from adopting IT governance frameworks and best practices. Key elements of strategic alignment between business areas and IT are identified, as well as the processes with the highest level of implementation.

Limitations: Although the instrument was applied to a significant number of entities, it did not cover the entire sector. In addition, most of the respondents work in IT areas, which could introduce some bias in the results. To mitigate this effect, the findings were compared to similar previous studies, thus validating the trends observed.

Practical implications: The results can serve as a guide for financial and non-financial organisations interested in advancing maturity models for the implementation of frameworks and best practices in IT governance.

Added value: The study identifies the most widely accepted governance frameworks and detects gaps in the alignment between IT and businesses. This facilitates the definition of improvement actions that guide strategic IT objectives towards the results expected by organisations. It also offers guidance on the processes that according to the experience of various entities, generate the most value, considering the resource constraints faced by organisations in adopting these practices.