Principles of Information Governance: A Guide for Businesses

Organizations are constantly grappling with their ever-growing information responsibilities. By employing proper information governance, an organization can learn to strategically manage, secure, and align its information management practices with organizational goals.

This blog explores what will happen if organizations start using their data as a tool instead of simply as required. Proper Information Governance is no longer optional, it is a critical pillar of modern business strategy.

What is Information Governance?

Information Governance is a framework for managing an organization's informational assets. It is designed to be practical, efficient, and aligned with an organization's goals and objectives. Proper information governance involves the development and implementation of policies, procedures, and controls to manage information throughout its lifecycle, from creation until disposition. It focuses on actionable steps that don't hinder the associated business processes. Proper information governance increases the quality of an organization’s data and the information provided by that data to internal resources, including applications, systems, and employees.

The Growing Importance of Information Governance

Every day, organizations are handling an increasing amount of sensitive personal data. For example, organizations in the healthcare industry are responsible for maintaining patient records and other confidential information. For organizations in heavily regulated industries, including healthcare, effective information governance is essential. Information governance frameworks are not limited to organizations in the healthcare sector, there are many industry and geography-specific requirements that legal and IT teams need to be aware of. If you are unaware that your organization’s policies account for specific requirements, they should be reviewed as soon as possible.

Just because an organization is not beholden to an information governance framework does not mean that implementing one is valueless. Organizations looking to add somebody responsible for implementing and maintaining an information governance framework should consider hiring a chief information governance consultant.

Controlling Access to Sensitive Information

To prevent unauthorized access or accidental release, it's crucial to establish strict guidelines on who can access sensitive information. Only those individuals whose roles require them to interact with sensitive data should have access to it. Organizational policies surrounding sensitive information are critical. They allow an organization to enact more granular permissions and make protecting organizational data an actionable, measurable goal.

Managing Outputs Containing Sensitive Information

Organizations should take steps to manage the utilization and dissemination of sensitive data within their operations, beyond just limiting who has access. Strict protocols for producing reports or other outputs that contain sensitive details should be in place. These might include anonymizing certain elements or implementing rigorous review processes before any such documents are distributed. The HIPAA privacy rule guides how organizations should handle their sensitive information.

Third-Party Interactions

Attentive Data Management extends not just to internal procedures but also to interactions with third parties, including vendors and partners. Third-party risk management is an important aspect of information governance that organizations should not overlook.

All these measures underline why information governance is so important: It not only helps protect the organization from potential legal issues due to breaches but also preserves the trust between an organization and its clients and customers by safeguarding their personal information.

Key Takeaway:

Organizations need to prioritize information governance to protect sensitive personal data, control access to it, manage how it is used and shared internally and with third parties, and prevent potential legal issues due to breaches. The results of proper information governance are both tangible (a reduction in legal fees) and intangible (retaining client/customer trust).

Taking Information Governance Beyond Compliance

Unfortunately, many organizations only focus on satisfying minimum regulatory requirements rather than seeing the bigger picture. To truly leverage the power of their informational assets, companies must shift their perspective and view information governance as an integral part of their overall strategy. Organizational Policies need to be defined, practiced, and adhered to.

This shift in mindset requires buy-in from top leadership, clear communication across all levels, and regular training sessions. By embedding these principles deep within the organizational DNA, businesses can ensure they are practiced daily rather than simply viewed as rules to follow.

Conclusion

The role of information governance is becoming more integral as organizations' data landscapes become increasingly complex. This data has long been seen as an expensive regulatory necessity, but organizations that implement proactive strategies and robust frameworks can transform their data into a strategic asset. By unlocking the power of their data, organizations can drive innovation and orient their business for long-term success.