The main goal of the IT strategy committee after establishing stakeholder desired outcomes should be to ensure IT risk alignment with enterprise risk. IT risk alignment means that the IT risk management program is consistent and integrated with the enterprise risk management (ERM) program, and that the IT risks are identified, assessed, and treated in relation to the enterprise's objectives, strategies, and risk appetite. IT risk alignment can help the enterprise achieve the following benefits1:
Enhance the value delivery of IT to the business
Improve the decision making and prioritization of IT investments and initiatives Reduce the likelihood and impact of IT-related incidents and losses Increase the resilience and agility of IT in responding to changes and disruptions Strengthen the governance and accountability of IT performance and compliance To ensure IT risk alignment with enterprise risk, the IT strategy committee should perform the following tasks2:
Define the scope, objectives, and criteria for IT risk management
Establish the roles and responsibilities for IT risk management
Align the IT risk management framework and processes with the ERM framework and processes Communicate and collaborate with the ERM function and other stakeholders on IT risk issues Monitor and review the effectiveness and maturity of IT risk management The other options are not the main goal of the IT strategy committee after establishing stakeholder desired outcomes. Identifying business data that requires protection, performing a risk analysis on key IT processes, and implementing controls to address high risk areas are steps that are part of the IT risk management process, but they are not specific to ensuring IT risk alignment with enterprise risk. These steps should be done by the IT risk management function or team, under the guidance and oversight of the IT strategy committee.

A periodic service provider audit is a process of conducting an independent and objective assessment of the service provider's performance, quality, compliance, and security in relation to the agreed service level agreement (SLA) and the enterprise's expectations and requirements. A periodic service provider audit can help provide quality of service oversight by:
Verifying and validating the service provider's claims and credentials, and ensuring that they meet the contractual obligations and standards Identifying and evaluating the strengths, weaknesses, opportunities, and threats of the service provider's services, processes, and controls Detecting and reporting any issues, gaps, or risks that may affect the quality of service delivery or the enterprise's objectives and value Recommending and implementing corrective and preventive actions to address and resolve the issues, gaps, or risks Monitoring and measuring the outcomes and effectiveness of the corrective and preventive actions, and ensuring their alignment with the SLA Reference:
According to the CGEIT Review Manual 20221, "Service provider audits are a key mechanism for ensuring that service providers are meeting their contractual obligations and delivering value to the enterprise. Service provider audits should be conducted periodically or as needed to assess the performance, quality, compliance, and security of the service provider's services, processes, and controls." According to the ISACA article on IT Outsourcing: Audit Considerations2, "IT outsourcing audit is a process of examining and evaluating the IT outsourcing arrangements between an enterprise and its service providers. IT outsourcing audit aims to provide assurance that the IT outsourcing arrangements are aligned with the enterprise's strategy, objectives, and risk appetite; that the service providers are delivering the expected services in accordance with the SLAs; that the service providers are complying with the applicable laws, regulations, and standards; and that the service providers are managing and mitigating the IT outsourcing risks effectively." According to the PwC article on Service Provider Audits3, "Service provider audits are an essential tool for organizations to gain insight into their service providers' operations, controls, risks, and compliance status. Service provider audits can help organizations ensure that their service providers are meeting their expectations and obligations; identify any areas of improvement or concern; enhance their relationship and communication with their service providers; and optimize their IT outsourcing strategy."

A due diligence process is the best way to enable a clear understanding of the vendor's capabilities that will be critical to the enterprise's strategy. A due diligence process is a systematic and comprehensive investigation and evaluation of the vendor's background, reputation, performance, quality, reliability, security, compliance, and suitability for the enterprise's needs and expectations. A due diligence process can help the enterprise:
Verify the vendor's claims and credentials, and validate the vendor's references and testimonials Assess the vendor's financial stability, legal status, and ethical standards Identify the vendor's strengths, weaknesses, opportunities, and threats Compare the vendor's offerings, capabilities, and prices with other vendors and market benchmarks Determine the risks and benefits of engaging with the vendor, and the mitigation and contingency plans Negotiate the terms and conditions of the contract, service level agreement (SLA), and key performance indicators (KPIs) Reference:
According to the CGEIT Review Manual 2022, "Due diligence is a comprehensive appraisal of a business undertaken by a prospective buyer or partner to establish its assets and liabilities and evaluate its commercial potential."1 According to the ISACA article on Third-Party Vendor Selection: If Done Right, It's a Win-Win2, "Once you have identified which processes can be outsourced as well as their inherent risks, you can begin performing due diligence on potential vendors. The level of due diligence should be tailored to the significance of the relationship as well as the potential risks it poses." According to the Gartner article on How to Evaluate Technology Vendors in 4 Rigorous Steps1, "Evaluating vendors requires detailed objectives, criteria, prioritization and monitoring. Here's help. When it comes to choosing a vendor, enterprise tech buyer teams can easily become bogged down in the details and documentation provided by sales teams."

To reduce the complexity of its data assets while minimizing impact to the business during the transition, an enterprise should first review the information architecture. This review will provide a comprehensive understanding of the current state of data assets, their interdependencies, and how they are managed and utilized within the organization. It forms the basis for identifying redundancies, inefficiencies, and opportunities for simplification. While removing misaligned applications, reviewing classification and retention policies, and assessing information ownership are important, they should be guided by a thorough review of the information architecture to ensure a strategic and effective approach to simplification.