Our paper presents a new IT governance framework and introduces an assessment tool designed to measure its effectiveness. The framework builds on the integration between the structural and processes perspectives of IT governance, business-IT alignment, and senior executives’ needs. The framework is aimed to help board members, general managers, business line and IT executives to understand, measure, and manage IT governance in their respective organizations as a part of corporate governance. In the paper, special attention is paid to the conceptual validation of the framework and respective assessment instrument.