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White Paper Information Governance 101 White Paper Information Governance 101 Date Released: September 2017 Melbourne (03) 9690 7222 | Sydney (02) 9258 1056 www.astral.com.au Information Governance 101 Page 2 of 14 Table of Contents 1. Introduction................................................................................................................................. 3 1.1 Information in the Digital Age ............................................................................................. 3 1.2 A Global Digital Economy ................................................................................................... 4 1.3 What is Information Governance? ...................................................................................... 5 1.4 The elements of Information Governance? ........................................................................ 5 1.5 Business Challenges, Benefits and Value of Information Governance. ............................. 5 2. Information Management Challenges ...................................................................................... 7 3. Information Governance ............................................................................................................ 8 4. Benefits of Information Governance ........................................................................................ 9 5. Information Governance Framework ..................................................................................... 11 5.1 The Challenges of Implementing Information Governance .............................................. 11 5.2 Steps for implementing an Information Governance Program ......................................... 12 6. Factors to Drive Information Governance Success ............................................................. 13 Astral Contact Details .................................................................................................................. 14 About Astral .................................................................................................................................. 14 Disclaimer This White Paper is published for general information purposes only. Nothing in the White Paper is directed at any particular person or organisation. Nor does it address any particular subject matter relating to personal information or privacy law. Nothing in the White Paper is intended as or constitutes legal advice. You, the reader, are entirely responsible for any reliance you make on the information published herein. Please ensure that you obtain appropriate legal advice. © Astral Consulting Services Pty Ltd (ABN 67 095 048 776) 2017. Astral Consulting Services Pty Ltd (“Astral”) owns the copyright in this document (including the layout, format and template). This document may not be reproduced or used without the prior written consent of Astral. Information Governance 101 Page 3 of 14 1. Introduction Information Governance (IG) is a subset of Corporate Governance, The Information Governance Initiative defines IG as: “The activities and technologies that organizations employ to maximize the value of their information while minimizing associated risks and costs.” For most businesses, the goals of Information Governance are to: Treat information as a business asset; Use information to support business goals and objectives; Increase the business value of information; Reduce operational, legal and regulatory risk; Ensure information is managed in a compliant manner. An IG Framework looks at the way the organisation works with information to deliver business outcomes, incorporating: The information that is required to complete the business processes that provide each outcome, How this information is used by the people who do the work to complete the processes, and The technology to manage the information and enable the people to do the work. The purpose of this White Paper is to introduce the concepts of Information Governance in easy to understand business language. 1.1 Information in the Digital Age No industry in the modern economy has been untouched by the transformation heralded by technology. Over the past few centuries, successive waves of industrial revolution have altered the very nature of business. Earlier phases of this revolution steadily reshaped industry over an extended period. Information Governance 101 Page 4 of 14 Digitally-driven revolutions of recent decades – powered by exponential growth in computing power and the internet – have radically changed the shape of our economies and businesses in a much shorter timeframe. As a result, global technology brands such as Facebook, Google and Amazon - formed only in recent decades - are among the largest companies in the world. Other parts of the economy are transforming just as quickly. Traditional sectors such as healthcare, transport and finance are now underpinned by digital technologies and the tools of the internet. 1.2 A Global Digital Economy At the heart of this transformation, and increasingly a by-product of it, is digital information. In a global digital economy, information and data has become the “new oil”. Extracting it, and making best use of it, is critical to progress and success. Entire new business models such as Airbnb and Uber, and more broadly the sharing economy itself, have emerged to capitalise on this trend. Existing businesses in other sectors have also recognised the imperative to evolve to be competitive in this digitally-based economy. They have invested in platforms and capabilities that collect and make use of data – to deliver insights, efficiencies and innovative products to their customers. The result has been an exponential explosion in the volume of data being created and managed by businesses. Some estimates predict the volume of digital data will reach 40 Zettabytes by 2020. The volume of information and the rate of growth is too large and rapid to use traditional methods of information management. Information Governance 101 Page 5 of 14 1.3 What is Information Governance? Information Governance is an enterprise-wide strategic approach to managing the ever-increasing volumes of information. Many leading business organization are adopting Information Governance to better manage and understand their information assets. Information Governance is a strategic, top-down approach to managing all aspects of information within the organisation, in line with the strategic objectives of that organisation. Information Governance provides the framework, systems and processes for ensuring the value of information is maximised and risks are minimised. Information Governance looks at all information, regardless of its format. This includes structured information such as databases and unstructured information such as documents, emails and rapidly growing social media. Stakeholders of Information Governance include internal and external stakeholders, including internal users of data, risk and compliance teams, executive and board members, and legal and regulatory bodies. Information Governance is a subset of corporate governance – it is a strategic rather than tactical discipline, which aligns information management with business strategy and processes. 1.4 The elements of Information Governance? There are many elements to Information Governance with the major ones being: Information Management Records Management Cybersecurity Data Governance Privacy eDiscovery Data Analytics Risk & Compliance Other elements include: Business Intelligence Data Science Enterprise Architecture Knowledge Management Information Security Business Intelligence 1.5 Business Challenges, Benefits and Value of Information Governance. The business challenges driving business uptake of Information Governance include: Information explosion – typically 80% of information is unstructured, Cost growth of keeping information for ever, Increased risk and complexity, Responding to regulatory requirements, Proliferation of systems and outsourcing of IT, Increased risks of cyber attacks. Information Governance 101 Page 6 of 14 The value and business benefits of Information Governance can be categorized into the following groups: Information Governance 101 Page 7 of 14 2. Information Management Challenges The increasingly large stores of data, and the potential to extract value from them, represent a tremendous opportunity for business. However, this also presents significant challenges, outlined below. Dealing with these challenges – cumulatively – now exceeds the capabilities of traditional methods of information management. Unmanaged, these information management challenges have the potential to substantially disrupt the operation of an organisation and undermine the benefits from its digital investments. Information explosion: Stores of data/information are larger than ever and growing rapidly – volumes typically double ever 12-18 months. This data is also increasingly dispersed, through growing use of mobile and cloud technologies and the geographic spread of a global technology market. Unstructured information which presents greater challenges in terms of risk management and extraction of value – is also increasingly prevalent. Typically, 80 per cent of information in an organisation today is unstructured. Cost growth: Despite its promise of efficiencies and insights, the accumulation of data can quickly become a burden. In many organisations, the explosion of information has brought a sizeable increase in storage and retrieval costs, not to mention impacts to productivity, and
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