This dissertation designed in order to illuminate the absolute theory related to the IT governance concept, encompassing all of its aspects, according to the latest international standards, policies, and procedures adopted recently by most of the financial sectors in the local Jordanian and international markets. Additionally, it sheds light on the importance of cloud computing methodology, covering its general growth and expansion directed to simplify the execution practices and management methods related to the Information Technology environment. Moreover, this dissertation is clarifying one of the essential concepts of (IT Operational Risk), that is considered as a crucial role in any risk division at any organization by concentrating only on three main event types based on Basel II international business standard clarifying its impact on the daily operational practices and role of work in any institution. After all, the most recent important framework related to IT governance (COBIT 5) was included, where I exposed the general effect of this framework on the entire financial sector in the region. Such a huge framework is used to maximize the work controls and maintain the simplicity of the daily work processes for all of the related Departments especially the IT division in any institution according to the international standards and regulations stated by the authorities such as CBJ (Central Bank of Jordan), specifically in our case.