Transforming Risk with Better Information Governance
As regulated companies are required to manage ever growing amounts of data, and regulators are imposing increasingly severe fines, how can firms ensure they comply with this greater scrutiny? Regulated firms are increasingly struggling to manage their risks related to Information Governance (IG). There is a need to manage growing amounts of information as a result of the increased use of, and reliance on, systems and platforms which are utilised by the business to store and control data, among other factors. This is being matched by a greater number of cyber attacks, increased regulation and a determination by authorities to implement regulations more strictly.
The International Data Corporation (IDC) has predicted that the world’s data will grow by 10 times by 2020. Alongside this increase, regulation is becoming stricter and more comprehensive with initiatives such as the EU’s General Data Protection Regulation (GDPR).
Regulators are taking a more assertive stance, launching more inquiries and imposing larger fines. One example of this was demonstrated by the Financial Conduct Authority which fined a large international bank just over £3million for failures in its systems and controls. In other cases of poor record keeping affecting major global financial services organisations, fines have ranged between £3million and £30million.
This paper has been produced in collaboration with Nina Bryant, Unstructured Data Strategist at Deutsche Bank and Sarah Walker, VP & Global Chief Counsel at Aon Risk Solutions.