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After explaining the Information Technology (IT) g overnance concept and external and national regulation, in this paper we investigate if the prescribed regulatory requirements and regular information system (IS) audits affect the IT Governance initiatives and foster strategic business/IT alignment. External and especially national IT Governance regulation framework in the Republic of Croatia was explained in further details. We constructed the research model around IT Governance components and conducted the research by the series of long)lasting comprehensive in)depth interviews with responsible employees. On the sample of selected Croatian small banks, the organizational position and the role of IT in the business has been investigated, while specific research interest was to get the clear view of the maturity level of IT usage. We hoped that such approach could be useful when trying to answer the posed research question: can national IT Governance regulatory framework help to start to measure IT Governance maturity and are such initiatives helpful in aligning IT and business?
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