The Importance of Adopting Internationally Recognized Standards for Information Governance in Business
In today’s fast-paced digital world, data management has become an integral part of running a successful business. As business operations and activities increasingly rely on technology, organizations must have proper information governance policies, processes, and frameworks in place to protect their information assets and mitigate potential risks.
Information governance refers to managing, protecting, and utilizing an organization’s structured and unstructured data to achieve business objectives. The goal of information governance is to ensure data is accurate, accessible, and secure while complying with relevant laws, regulations, and standards.
Adopting internationally recognized standards for information governance can help businesses establish a consistent and comprehensive approach to managing their data. Here are some reasons why adopting these standards is crucial:
1. Mitigating Risks
Data breaches, cyber attacks, and information theft are becoming increasingly common. These incidents can damage a company’s reputation, lead to legal liabilities, and result in financial losses. Adopting information governance standards helps mitigate these risks by ensuring the necessary controls are in place to secure and protect sensitive data.
2. Improved Efficiency and Cost Savings
Effective information governance enhances efficiency and cost savings by reducing data duplication, improving data quality, and streamlining processes. By utilizing a common set of protocols and standards, organizations can ensure efficient and consistent data management practices across all departments.
3. Regulatory Compliance
Compliance with regulatory requirements is essential for businesses of all sizes and industries. Internationally recognized information governance standards ensure businesses are compliant with relevant laws and regulations. Compliance with these standards also helps businesses stay prepared for future regulatory changes.
4. Competitive Advantage
Adopting internationally recognized information governance standards can give businesses a competitive edge over their competitors. Implementing these standards shows that organizations take their data management seriously and are committed to protecting their customers’ data.
Real-World Examples of Information Governance Standards
ISO 27001 is an internationally recognized information security management standard that outlines best practices for information security management systems. Implementing ISO 27001 helps organizations protect their information assets from unauthorized access, use, disclosure, alteration, or destruction.
GDPR is a law that came into force in May 2018 to protect the privacy of individuals in the EU. It sets out rules for how organizations must handle personal data and gives individuals more control over their data. Compliance with GDPR ensures businesses are meeting the highest standards for protecting individual privacy.
Conclusion
Information governance is critical for businesses as they face the challenge of managing increasingly complex data ecosystems. Adopting internationally recognized information governance standards ensures businesses are taking a comprehensive and consistent approach to data management. This approach helps businesses reduce risk and improve efficiency while complying with regulatory requirements and gaining a competitive advantage.
