With data privacy becoming a hot topic recently, people are constantly getting calls to govern data flow. For instance, the European law of GDPR is bombarding people with calls. While GDPR is a major driving force behind the recent interest in IG, proper information governance can come with a broad range of benefits for companies, including cost savings, risk management, and increased compliance. When used right, IG can open up vast potential for your organization. In this article, you will gain familiarity with IG and its components.
What is Information Governance?
While the EU’s General Data Protection Regulation (GDPR) is a primary facilitator of the popularity of this form of governance, the importance of the GDPR is all-pervasive. But what is IG, and why is it so crucial for modern companies to have it? It is essentially a term that encompasses the statutory compliance of management and control. It ensures that employees and customers are well-protected from the exploitation of information.
The right information governance solution will help your business comply with the latest rules, regulations, standards, and responsibilities to secure intelligence and facilitate data-driven decisions. It will help you effectively manage, store and access data, thereby reducing bureaucracies and data silos. It will also reduce litigation costs and drive collaboration on a marginal scale.
IG provides a holistic dynamic to effectively manage corporate data and implement control metrics. The ultimate goal is to make corporate data accessible while maintaining an adequate amount of security, thus, streamlining management and facilitating compliance with laws such as HIPAA and FCPA. By reducing legal risks and inconsistent management, data can be handled in an agile and flexible way to adjust based on market robustness.
Components of Information Governance
IG strives to enable employees to access trustable data and provide enough autonomy to participate in business decisions. Since it is split among department and database teams, a holistic approach is often needed to protect the company against lawsuits. Below are the significant components of IG:
● Strategy Making
Informational strategy is the core of IG since it provides a comprehensive approach to support corporate objectives and reduce risk and costs. It facilitates strategy-making with a higher degree of efficiency and compliance, ensuring that every critical principle is met and the organization moves in the direction of quality delivery.
● Policies and Procedures
IG is most commonly associated with policies and statutory laws governing digital information. Framing corporate policies heavily relies on the quality and reliable data, establishing data protection rules on aspects such as collection, processing, storage, and data sharing. A distinct and consistent procedure is laid out for the policies. It enables processes to follow smooth instructions and implement said policies. On that note, governing data is an effective way of implementing policies and procedures, along with the other components, as mentioned below.
● Control Forms
Controls can be divided into four subcategories: business classification, retention and disposal, information asset, and access control. The business classification scheme provides a comprehensive view of data that can be classified under functions and activities. Navigating information and supporting other forms of control is the base of this scheme. Information retention and disposal provide stable guidance and fundamental authority to preserve or destroy records per legislative requirements.
Data registers document compliance information, while access control models define principles, roles, responsibilities, settings, implementation, and periodic auditing schedules. IG discusses roles and responsibilities for effectively delivering data, such as records management, SIRO, DPO, asset owner, champions, etc. They determine ownership and accountability for legal protection obligations and establishing initiatives.
And that marks the end of everything you need to know about what IG has in store for your business. It provides secured access to information to required people and ensures that data is correctly stored and managed within compliance. It also helps your business “govern information” in a manner that is observed and analyzed correctly. Companies are constantly relying on this governance to minimize risks from inappropriate use of data.