The IT compliance program cannot be conceived in isolation and devoid of the key links to non-IT and financial compliance. Effective IT compliance requires an aggregate vision and architecture to achieve compliance that goes beyond becoming infatuated with a given control framework.As a group, provide a detailed plan of action based on life cycle concepts to develop and deploy an ongoing IT compliance process. Your plan should provide practical knowledge on what you should consider when developing and implementing an IT compliance program for key regulations such as Sarbanes-Oxley, HIPAA, GrammLeach-Bliley, PCI and others to achieve meaningful IT governance. Your plan should include the following:? Discuss the challenges IT divisions face in achieving regulatory compliance? Assess how IT governance will improve the effectiveness of the IT Division to attain regulatory compliance? Develop a broad vision, an architecture, and a detailed plan of action that follows a life cycle concept? Assess all key business processes and IT compliance factors and link to all business processes (financial and non-IT) to develop an aggregate vision of IT compliance? Your detailed plan should include the following phases: initiate, plan, develop and implement.Timeline: 1.Part 1 Outline: Start and complete an outline of your group project. In your outline, provide detailed information on how you plan to complete the project including responsibilities assigned to each group member. Use Power Point.Part 2 Draft: Submit a draft of your group project no later than the 19th july. Your draft should include individual contributions. Each member group must be clearly identified and the parts he/she worked on should be provided. Use Microsoft Word only.Part 3 Final Draft: Submit final draft no later than the 30th july. Your final draft is a unified copy of your daft. Combine the contributions from each member and produce a unified and comprehensive discussion. Use Microsoft Word only.