Yesterday I skimmed Val IT, ISACA's newish framework for governing the value of IT. Val IT is a free download from the ISACA web site.

Val IT seems to correspond most closely to ITIL's "Service Portfolio Management" process. Val IT is an investment-based approach to IT governance.

Predecessors/Before You Begin

COBIT does not compete with ITIL or other bodies of knowledge. Separate bodies can be combined; in fact, ISACA has a mapping document that maps ITIL v3 to COBIT 4.1.

I received a notice from ISACA (the "Information Systems Audit and Control Association"), the people responsible for COBIT, that they are creating a new certificate called CGEIT--Certified in the Governance of Enterprise IT. You can outright get a certificate for the next couple of months if you have eight years of IT governance experience. After that, they'll start giving the exam in December.