You may be seeking out the definition of data governance and if it is a service you should invest in because someone else in your business peer circle has dealt with a lawsuit. Unfortunately, there are several good reasons to hire an information governance steward to help your company avoid multi-million dollar lawsuits. Many of these lawsuits are related to not following ethics laws, and the ability to avoid a lack of information governance is easily accessible. On top of this, you can ensure the long-term health of your company by always having information governance compliance data ready for any investigation that may erroneously come your way.
What is data governance?
When you fill out forms online, you may not realize they are the result of information governance. Whether you are filling out a single application or several on the same website, the organization, coordination and storing of that information is called governance. Having information stored in particular ways to keep it safe from prying eyes (virtual or physical) is a top ethics concern in the legal field. In the past, keeping a lock on a file cabinet for sensitive materials behind another locked door was a good way to keep thieves from accessing legally private medical information, for instance. However, in the age of computers, archiving means keeping hackers out of data systems, and is not only a matter of ethics; it is also the law.
What can I expect from information governance services?
When you sign up with an information governance steward, they will focus on four main themes with the work they do. The first one is the most obvious to customers and employees, and it involves aligning all of the computerized systems you have at your company. This ultimately makes them more user-friendly. Despite this, organizing your data may also bring to light that certain roles or responsibilities need to be redefined and created. The third and fourth objectives of a new information governance role at your company include data life progression balancing and process documentation. This means all tasks are completed on time, and can be immediately verified.
Why should my company or organization use information governance?
Along with private businesses, healthcare facilities and schools are also at risk for having a lack of information governance. For example, a medical office that has an issue with information governance may not have evidence to show they have a signed HIPAA compliance order from every single patient they have served. Ultimately, the main issues that a company or organization can avoid with information governance are regulatory fines, data-related security breaches or lawsuits. The other problem is not having any evidence to turn in for a legal discovery. In the end, these situations can be expensive, and they can also cause a loss of reputation.
How will security increases help my business in the short-term?
When you have a company that is following every law and has the paperwork to prove it, you may be able to ask for discounts. This includes paying for clauses in your legal services contract you no longer need. You may also be able to get discounts on bankruptcy and other types of business insurance. After all, if you are avoiding getting sued over data governance, your ability to be a good investment is apparent to others.