What is the significance of the 'People, Skills, Competencies' element in the COBIT Governance System?

The significance of the 'People, Skills, Competencies' element in the COBIT Governance System primarily revolves around empowering individuals in decision-making roles within an organization. This element emphasizes the importance of having the right mix of skills, knowledge, and competencies among personnel to ensure effective governance and management of IT resources.

By focusing on people and their capabilities, organizations can foster a culture of accountability and enable individuals to take ownership of their responsibilities. This empowerment not only enhances decision-making quality but also aligns the workforce with organizational goals and objectives. As employees become more competent and confident through proper training and skill development, they can contribute more effectively to the organization's strategic aims, ultimately leading to better risk management and improved value delivery from IT investments.

While elements like partnerships with external entities, technological adoption, and benchmarking practices are important, they do not capture the essence of empowering individuals within the governance framework, which is central to the COBIT principles.