What is Information Governance? 

What is Information Governance

June 18, 2024

Information governance is the overall strategy and framework used to manage and control information within an organization. It ensures that data is handled in a way that supports regulatory, legal, risk, environmental, and operational requirements. Here are the key components: 

  • Policies and Procedures - Establish guidelines for information management, including creation, storage, sharing, and disposal. 
  • Compliance - Ensures the organization meets legal and regulatory data privacy, security, and retention requirements. 
  • Risk Management – Identifies and mitigates risks associated with handling and storing information, such as data breaches or loss. 
  • Data Quality and Integrity - Maintains data accuracy, consistency, and reliability throughout its lifecycle. 
  • Security and Privacy - Protects information from unauthorized access and breaches and ensures personal data is handled appropriately. 
  • Records Management - Tracks documents and information, properly archiving and deleting records according to policies. 
  • Roles and Responsibilities – Defines who is accountable for information management tasks and ensures proper training and awareness. 
  • Technology and Tools – Utilizes appropriate technology for efficient information governance, including software for records management, data security, and compliance monitoring. 

Effective information governance ensures that information is available, reliable, and usable when needed, supporting organizational goals and reducing risks. 

TrueCommerce’s highly secure platform goes beyond industry standards to ensure comprehensive data protection at all steps in the data interchange process.

How to Implement Information Governance 

Implementing information governance in your organization involves many steps. Let’s take a look at ten fundamental steps to get you started: 

1. Assess Current State 

Conduct a thorough audit of your current information assets, policies, and practices and identify any weaknesses and gaps in your current information management processes. 

2. Establish Governance Framework 

Develop clear, comprehensive policies and procedures covering data creation, storage, use, sharing, and disposal to ensure your policies align with legal and regulatory requirements, like GDPR and HIPAA. 

3. Form a Governance Team 

Assemble a team that includes IT, legal, compliance, records management, and business unit representatives, clearly defining roles and responsibilities. Establishing this team structure ensures proper accountability for information governance tasks. 

4. Develop a Data Inventory 

Catalog information assets by creating an inventory of all data and information assets within the organization and classifying them based on sensitivity, confidentiality, and importance. 

5. Identify Risks 

 Conduct a risk assessment to identify potential risks for handling, storing, and sharing information. Once identified, you can develop and implement strategies to mitigate these risks. 

6. Implement Technology Solutions 

Deploy tools for data management, security, compliance monitoring, and records management. Where possible, automate data handling processes to ensure consistency and efficiency. 

7. Maintain Training and Awareness 

Conduct regular training sessions to ensure all employees understand information governance policies and procedures and keep employees updated on new regulations. 

8. Monitor and Evaluate 

 Implement monitoring systems to continually assess the effectiveness of your information governance policies and periodically audit your practices to ensure compliance. Additionally, establishing mechanisms for feedback can improve your information governance implementation as it shifts over time. 

9. Build a Collaborative Culture 

Foster a culture that values and respects the operational procedures of information governance and data management, where the executive leadership supports and champions the strategies and initiatives presented. 

10. Update and Refine Processes Regularly 

Stay informed about industry best practices and integrate them into your information governance program, updating policies and procedures based on new regulations, technologies, and organizational changes. 

Effective implementation of information governance not only ensures regulatory compliance but also supports better decision-making, enhances data security, and improves operational efficiency. 

Data security, stability and compliance is absolutely critical to supply chain partners’ operational success and peace of mind. When selecting an EDI provider, make sure you choose one like TrueCommerce that provides industry-leading data protection throughout the EDI process. 

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