What is Information Governance?
Managing and securing vital company data is key to risk mitigation and regulatory compliance.
What are some information and data governance challenges?
Data and information are the lifeblood of modern business. But the sheer amount and variety of them in need of information governance and data management? Those are growing at an exponential rate. It’s become a Herculean task for business. Just a couple of the complexities they must deal with?
Coping With the Three V’s:
More companies are reliant on Big Data, which is defined by three key vectors – volume, variety, and velocity. All of these are growing rapidly, and mismanaging them can have serious consequences:
- Facebook stores upwards of 250 billion photographs, belonging to its over 2 billion users.
- Yet on the flip side, Facebook suffered great reputational damage in 2018 for how it used personal data and allowed others to use it.
Today, more employees, stakeholders, and customers in more locations than ever may want or require access to your files and data. Especially if you’re a large or global enterprise. Many of them are now working remotely, on a variety of devices, so a company must both ensure access and maintain data security:
- More U.S. corporate employees work from home than ever before, rising 140% from 2005-2018.
- 4.3 million work from home at least half the time.
- From 2015-2016, the telecommuter population grew by 11.7%, the biggest YOY growth since 2008.1
How is information governance integral to success?
Information governance is an enterprise’s strategic approach to managing its information, whether in digital data, documents, or archival records, in order to support business outcomes.
It can involve a wide range of cross-disciplinary policies, procedures, controls, tools, and technologies that help a company meet regulatory, legal, and operational demands.
By balancing the proper use of data and information against regulatory and security demands, information governance via proper data management can:
- Maximize the value of that data to the company
- Enable legal compliance and risk mitigation
- Enhance operational transparency
- Reduce likelihood, instances, and costs of legal discovery and regulatory penalty