Information Governance

Information Governance: Why Is It Important?

 The professional world is witnessing a complete technological revolution. It's not just about using machines anymore. Using technology has gone far beyond the use of hardware. Most vita business operations are dependent on various IT services and software.

It is undoubtedly making business processes easier to handle. However, as businesses are increasingly integrating their objectives into IT operations, security and risk management have become of paramount importance.

 Enterprises have begun storing their information and data digitally. The cloud has become the primary source of storage. How do you make sure that it all remains secure? That's why information governance is necessary.

What is Information Governance?

Business owners know how valuable information and data are and treat them like an asset that cannot be compromised. So, it becomes necessary to set an information governance framework.

 Information governance is the process of creating standards, metrics, strategies, and policies that drive the effective use of information — its valuation, creation, storage, sharing, archiving, and deletion — by the organization. It understands the importance of managing business information by coordinating, categorizing, and supervising it.

 With good governance, you can ensure that the objectives and needs of your business are supported with adequate organizational resources.

Why is Information Governance Important?

 

1. It Turns Information Into Manageable Business Information

 It gives secure access to information required by any department. Governance turns data into critical business information. Through policies and strategies, governance helps make information available and remove it to meet the company's compliance framework.

2. It Enables Easy Discovery of Information

 Enterprises tend to store all their data and information for future operational, legal, or other purposes. No longer do you have to wait months till you find your data. Governance allows easy information discovery without having to invest much time or resources.

3. It Improves Compliance

 With information governance, you can ensure that your data and business information are constantly updated.

If they are organized and categorized through automation, then it enhances the chances of complying with company policies, laws, and IT frameworks.

 Furthermore, if you organize your business information, finding information during an audit becomes more efficient.

4. It Enhances Employee Productivity

 Another reason why governance is essential is that it helps improve productivity. When such information is available, governance will ensure that only the fewest possible versions are available. Employees don't have to spend hours searching for the correct data; it's already available.

 Moreover, it also allows you to get rid of useless business information and ensure there is no unnecessary duplication of valuable information.

5. It Keeps Information Safe

 Governance of information is an excellent way to keep information secure. It minimizes the possibility of breaches and helps find potential risks.

Critical Components of Information Governance

 1. Categorization  

The first component deals with categorizing and organizing information in a way that makes it easier to access for all parties concerned. To do that successfully, one must know how to classify data. There are four types of data: internal, public, restricted, and confidential.

2. Information Use Definition

Information use is a concept that helps businesses understand how people use information. Is it for learning, decision-making, problem-solving, or creating new ideas? Identifying the use will help you with categorizing accordingly.

3.  Access Management

The third component enables companies to eliminate unnecessary hurdles while looking for information. Governance helps minimize duplication, remove unnecessary permissions, and put in place a suitable framework that makes the collection of sensitive information hassle-free.

 4. Records Management

A key aspect of governance is to ensure that all information is stored securely. Information is a valuable asset. Therefore, keeping it safe with strong protective measures is integral.

5. Document Handling

Once your information is stored, it is essential to set strategies that make handling the data more efficient and secure. Governance of information should be designed to ensure that.

6. Information Lifecycle

Another critical component of governance is to handle information in such a way that it leads projects from creation to completion. Along the way, it is meant to address issues like record management, resource optimization, compliance, storage, and data movement.

 These are some of the critical components of information governance. Other components that are also important include:

• eDiscovery
• Cybersecurity
• Secure disposition and deletion
• Data governance (as a subset of information governance)

What is an Information Governance Framework?

 To make information governance possible, establishing a structure is vital. To do that, the company must assess the legal and regulatory policies and create a framework that aligns these policies with the business objectives and valuable information.

 This framework will define the creation, storage, value, and management of information. A proper governance framework will enable organization-wide coordination and emphasize appropriate team building, leadership, and planning to sustain and govern the framework with the right policies.

 The framework should have a purpose, scope, and objectives. Understand why your company needs the framework (purpose). 

Analyze and list your business assets, including physical and digital infrastructure (scope). Finally, define the primary goal of the framework and what you wish to achieve (objectives).

Information Governance and Data Governance: What’s the Difference?

 While both terms are often used interchangeably, the two are pretty different. Data governance primarily deals with technical information and storage. It is seen exclusively as an IT responsibility. Some critical aspects of data governance include data loss prevention, service levels, lineage, etc.

 On the other hand, information governance is more of a business responsibility wherein the main focus is to store and manage business information and records.

To Sum It Up

It is clear that information governance is of utmost importance to the well-being of an organization. Without appropriate information management and framework, companies may lose out on such an integral asset. Educate yourself and your organization about the need for a governance framework, execute it, and reap the benefits of a secure, safe, and protected business information network.