[author: David Smythe **]
The Unprecedented Value of Records & Information Governance (RIG) to Control the Constantly Growing Data
The modern information landscape is a complex ecosystem, brimming with data flowing from numerous sources and utilized for various purposes. The dynamic, accelerating pace of business today further challenges organizations. The intricate landscape of records and information governance (RIG) often leads to confusion and frustration. To fully harness the transformative potential of information, we must move beyond the noise and adopt an integrated approach that incorporates key relationships with data governance, risk management, privacy, cybersecurity, records management, and regulations – relevant to all organizations.
In the following sections, we delve into organizational insights and perspectives, exploring how RIG captures value and shapes the future. Real-world examples from Epiq’s global consulting teams highlight successful RIG initiatives spanning diverse industries.
Navigating the Data Maze: Understanding Records & Information Governance (RIG)
Records and Information Governance (RIG) has gained significant interest from various industries due to its alignment with rapidly evolving functions such as: data governance, artificial intelligence, risk management, regulatory compliance, cybersecurity, and privacy. RIG plays a pivotal role in ensuring data hygiene, which, in turn, drives the growing interest in its adoption across sectors.
Advancements in technology have made comprehensive RIG implementation more cost-effective. As organizations embrace it, they reap many benefits, including better decision-making, lower risk, enhanced security, reduced costs, and higher productivity.
Defining Records & Information Governance
Gartner defines information governance as the specification of decision rights and an accountability framework to ensure appropriate behavior in the valuation, creation, storage, use, archiving and deletion of information.
Hence, think of IG as the overarching framework that encompasses policies, processes, roles, and controls for managing information across its entire lifecycle. Its purpose is to ensure that information remains trustworthy, accessible, and effectively utilized to achieve organizational goals. At Epiq, our Records & Information Governance (RIG) team offers subject matter expertise, enabling comprehensive Information Lifecycle Management (ILM) through a combination of people, processes and technology.
A Fundamental Connector Across Disciplines: Governance
Understanding governance thoroughly provides a foundational grasp of specific governance activities. Notably, there are significant similarities across information, data, records, and even AI governance in terms of knowledge and approach. These parallels serve as a basis for gaining insights and fostering innovation within projects and programs. Importantly, such understanding also applies across industries. However, it’s essential to recognize and understand the variations in cultures, business practices, regulatory requirements, unique processes, and applicable technologies among stakeholder industries to truly make an impact.
What’s next for Records and Information Governance?
A significant volume of valuable thought leadership on IG is available today, along with some unhelpful noise. This article aims to provide valuable insights based on Epiq's experience in records and IG consulting, outsourcing, technology advisory, and legal case management. The depth and breadth of this experience enable Epiq to navigate data proliferation, regulatory change, and technological advancements effectively.
In conclusion, information governance has evolved from a compliance checkbox to a strategic imperative for organizations across industries. By addressing the challenges posed by data proliferation, cybersecurity threats, and digital customer demands, organizations can build a foundation for innovation and growth. A strategic and comprehensive IG framework is not only a regulatory necessity but also a key driver of success in today's dynamic and highly competitive landscape. Stay tuned for more insights on IG and AI governance.
Expert profile:
David Smythe, Senior Consultant, Records and Information Governance, is a strategic leader, developing and implementing a breadth of data and information governance capabilities, technologies, processes and policies for risk mitigation, cost reduction, automation and operational effectiveness. He has over 20 years of financial and broader industry experience in the development of global information governance programs, eDiscovery, data management, data protection and banking support functions.
