From mobile devices to social media and cloud computing, IT governance is all about risk management. "You can't de-risk everything, but you can de-risk the majority of circumstances you will see in normal operations," says governance expert Robert Stroud.
Auditors find that the SEC's IT office documented and incorporated National Institute of Standards and Technology patch requirements in its policies and procedures but that guidance wasn't always followed.
"Managing risk with regard to information systems and security sometimes doesn't go to the highest levels and that's why the risk framework is a way to get senior leaders involved early in the process," NIST senior computer scientist Ron Ross says.
Looking ahead to the new year, Kristin Lovejoy of IBM says information security organizations face a host of global compliance issues - and the complexity of this challenge may be the biggest task of 2011.