Key components include defining clear roles, responsibilities, and decision-making authority for IT activities, establishing policies and procedures for IT asset management, risk management, and compliance, implementing performance metrics and KPIs to measure and monitor IT performance and effectiveness, and fostering a culture of accountability and continuous improvement.

IT governance frameworks provide guidelines and controls to ensure that IT activities and systems comply with applicable laws, regulations, and industry standards. By establishing clear policies, procedures, and controls, organizations can mitigate risks, protect sensitive data, and demonstrate compliance with regulatory requirements to stakeholders, customers, and regulators.

Best practices include establishing a governance structure with clearly defined roles, responsibilities, and reporting lines, conducting regular risk assessments and audits to identify and mitigate vulnerabilities and gaps, fostering a culture of compliance and ethical behavior among employees, providing ongoing training and education on IT governance and compliance requirements, and engaging with external stakeholders, regulators, and industry peers to stay informed about emerging trends and regulatory changes.