The assignment requires you to develop a business report to be directed to Virginia Chen. She is an executive in the case study set for examination. Your report is to discuss the feasibility of...

The assignment requires you to develop a business report to be directed to Virginia Chen. She is an executive in the case study set for examination. Your report is to discuss the feasibility of enhancing ICT governance processes by paying greater attention managing cognitive bias. This submission is expected to identify how possible reforms might be instituted. Your answer needs to be relevant to the context described in the case study "
The X Bank seeks to strengthen its governance.
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Actionsin Canvas.INTE2412 Governance and Change in Digital Business Assignment 3 Final Case Study The X Bank seeks to strengthen its IT governance X Bank is one of the country's major financial institutions. It has long prided itself about its adoption of information technology. That acceptance has placed it as a leader in digital transformation of business processes. Much of this progress has been supervised by the Bank's Project Management Office (PMO). Nonetheless, efforts associated with being on the cutting-edge of technology adoption comes with a degree of risk. X Bank has continued to struggle with achieving acceptable rates of project success. Recently, the Bank's Executive Board has queried what is being achieved in the development of new IT projects as well as how well they are managed for value once they are on stream. Virginia Chen, Executive Vice President of the PMO, has been directed to reappraise how the Bank tackles project management as well as more generally IT governance. X-Bank has previously adopted various information technology management (ITM) frameworks. These include relevant ISO standards involving cyber security, the IT Infrastructure Library (ITL), and some of the frameworks popularised by ISACA. To get a better feel of the Bank's comparative performance, Virginia Chen first reviewed data about IT project success. One of the longest running time series of relevance is produced by the Standish Group. This firm focuses on mission-critical software applications, especially centring on failures and possible improvements in IT projects. Data have been collected for the last 25 years. The performance of tens of thousands of IT projects makes up an important database. These data were published in the well-known Chaos Reports1. The following charts offer typical sample findings from this source. 1 Standish Group International. (2015). Chaos Report 2015, Chicago: Ill. On inspecting the Standish Group’s findings, Virginia noticed that X Bank’s project performance mirrored the general experience of other large institutions. What also caught her interest was Standish's Chaos Factors of Success. The most influential of these forces appeared to fix on the effectiveness of human behaviour. Interestingly, the Standish Group did not consider that project management expertise was an area of activity that required considerable further investment of effort when seeking to raise project success. After further reflection, Virginia started to contemplate if it a new and complimentary approach needed to be incorporated in X Bank's governance system. Maybe, she thought there might be room to improve decision-making. Recently, a colleague had directed her to an article published in the Atlantic Monthly. 2 This source canvassed interesting possibilities of whether or not it was possible to better manage bias in decision-making. Reduction in bias might reduce error making and therefore improve performance. Nonetheless, this approach appeared to be a challenging possibility because it involved a better understanding of how the brain worked. Virginia considered that a new line of governance thinking could pay more attention to debiasing. Such an approach raised the possibility of auditing the quality of decisionmaking processes and the extent to which sound practices were consistently used. Finally, Virginia decided to create a working party. Its mission was to report on how the Bank might exercise more effective governance over cognitive bias. The working party’s initial brief was to investigate how might IT project performance might be improved.