In today’s digitized world, more and more companies are realizing and utilizing concepts such as Information Governance and data governance to stay on top of the competition.
In this piece of information, we will talk about both of these concepts in detail to develop a clear and complete understanding about both.
Information Governance is defined as the technologies and activities that are employed by organizations for maximizing the value of their information while reducing associated costs and risks. It offers a strategic framework for businesses that want to manage their information. This is done by recognizing the opportunity and value of data and thereafter identifying the costs and risks that are associated in the event of a non-compliance with legal and statutory requirements and the possible consequences of a severe data breach.
In other words, it can be said that Information Governance encompasses the systems that include but is not limited to processes, technology, and policies by which information is managed and secured. It is worthwhile to note here that every business should invest in systems and technology (to derive value from information) that can thereafter be used for gaining a distinctive competitive edge over the peers and deliver direct benefits to the bottom line.
A fundamental component of efficient Corporate Governance, Information Governance emphasizes on maximizing the value of information while reducing the risks and costs of holding this information. On the other hand, Data Governance is an important subset of this model and it emphasizes on managing information at the data level to ensure the maintenance of high-quality and accurate data by implementing appropriate processes and systems.
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