The board does not care whether an outage came from a cloud misconfiguration, an on‑prem storage issue or a SaaS identity problem. They care that "Online banking" or "Citizen self‑service portal" was down, for how long, and what is being done to reduce the risk next time.
If the honest answer is "no", you don't just have a tooling or governance issue. You have two or three incompatible Operating Models, and a lot of manual stitching work in between.
Once that map exists and leadership actually uses it, ITSM and cloud management stop being rival operating logics and become what they should have been all along: different angles on the same system.