PricewaterhouseCoopers has a report on IT Governance below are some of the insights/findings from the report based on interviews conducted:

IT alignment is the highest rated driver and outcome of IT Governance practices.

IT Governance is still very much associated with fulfilling control or compliance requirements rather than it being an overarching framework that can be used to enhance the value of IT for the organisation.

IT Governance is driven by top management, and is often associated with 'strong' CIOs who have the full support of executive management.

The benefits of implementing IT Governance are not measured and are difficult to quantify. In many instances the desired benefits are not defined upfront, which makes it impossible to measure them.

The IT Governance aspects of outsourcing arrangements are almost exclusively centrally managed by the corporate CIO office.

Although the level of maturity and acceptance of IT Governance varies considerably across organisations, a number of critical success factors were identified from the interviews. These include the support of senior
management, taking cognisance of the current culture of the organisation during implementation, continuous communication to overcome resistance to change, and measuring and monitoring the progress of the
implementation. Most CIOs indicated that the current maturity level of IT
Governance is low and can still be improved.

Source: 1

Prashanth Rai