May 2015 - Creating an IT strategy is one of the most important things an IT leader does, but IT can’t do this alone. It needs the help of key control areas like strategic planning, legal, regulatory and finance as well as operating functions including underwriting, claims, actuarial, product development, marketing, etc.

The challenge for IT is that any strategy it creates must be able to work in the context of multiple divisions, entities, and countries.

Any business strategy at its heart describes a current business context, end goals, justification for these end goals, activities to get to these goals, and enablers. IT strategies must deliver against these business strategies.

Company and local cultures, the risk appetite of the firm and its divisions, growth preference through acquisition or organic activities, and general global imperatives all act on the IT strategy and its development and adoption across divisions.

Based on the direct experience of our senior team and Council members, Novarica offers CIOs 7 best practices to consider when initiating a Multi-Divisional IT Strategy.