The challenges associated with meeting ever-changing compliance requirements are increasing, with constant growth in records, data and information being generated and held by organisations. The potential value of a robust Information Governance strategy is greater now than ever before. An effective strategy informs the entire approach of an organisation’s Information Governance aims.
Often, reviewing your Information Governance strategy helps determine what changes or updates need to be made in order to keep up with the latest trends and technologies, whilst being able to comply with industry regulations.
1. Regulation Changes and Compliance demands
Every organisation needs to be well governed in one way or the other, introduction of new stringent regulations push for improvements to how organisations think about and apply Information Governance methods.
Regulations do not remain stagnant so why should your Information Governance strategy?
An outdated strategy runs the risk of non-compliance, which could impose operational problems, as well as create additional risk in the form of fines and heavy penalties.
2. Emerging Business Needs
Establishing and implementing an effective Information Governance strategy helps improve the security, integrity, quality, accessibility and reliability of your information. All organisations are constantly looking to improve their existing processes, ensuring end to end protection of information.
A key aim of the strategy is to decrease the risk of data breaches and address issues like privacy. Managing and building on an existing strategy will help address any gaps and identify weak links based on the unique business objectives and goals of your organisation.
Technology is not only changing the business world but also highly impacting information circulation and usage within organisations. As this varies from time to time, it is important to align any Information Governance strategy with organisational business processes, policies and procedures.
It is often the case that organisations have previously developed an Information Governance strategy which has become outdated with technology advancements. As a result, data flows can sprawl, allowing critical data to become disorganised and difficult to find.
An effective strategy is one that is reviewed and takes into account the evolving nature of the organisation. Catering for new technology and updates will add value throughout the information lifecycle thus saving costs in the long term.
The time, effort and investment that is put into reviewing the strategies regularly will be well worth it, keeping information protected and secure.