A short video looking at Principle 1 of the COBIT 5 Business Framework, meeting the stakeholders needs.
COBIT 5 recognizes that stakeholder needs have to be transformed into a practical strategy to create value for their stakeholders. This is achieved by maintaining a balance between the realisation of benefits and the optimisation of risk and use of resources.
This principle recognizes that every organization has many stakeholders with potentially conflicting needs and that governance must assist in the negotiation and decision making across these various needs. This means that we should consider all stakeholders when making benefit, resource and risk assessment decisions when we’re looking at delivering or creating the value driven by the stakeholder needs.
Importantly COBIT 5 requires that we ask these three questions during our decision making:
Considering and meeting stakeholder needs feeds into the COBIT 5 Goals Cascade (which you can hear about in another …) which is the mechanism that helps us translates stakeholder needs into series of increasingly specific goals.
Because every enterprise has different objectives, it is expected that they consider customising COBIT 5 to suit its own context through the goals cascade, translating high level enterprise goals into manageable, specific, IT-related goals and mapping these to specific processes and practices.
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