Transforming Risk: Shifting from Reactive to Proactive
Driving Change in Information Governance
With many organisations struggling to deal with the rapid explosion of data, coupled with increasingly aggressive regulatory enforcement, how should they drive change in information governance?
The information governance challenge
Runaway data growth is probably one of the greatest risk factors facing organisations today.
According to a representative poll of over 80 senior legal, compliance and risk experts at the Managing Risk and Litigation conference, more than half of delegates expect data growth in their organisations to be between 20% and 40% over the next 12 months, with over a third expecting it to be greater than 40%.
With data growing unchecked for many years and expected to grow exponentially over the coming years, organisations face major challenges in complying with increasing regulations and managing the disposal of redundant, obsolete, trivial data. This is exacerbated by the prevalence of dark or unknown data, often stored on file shares, which means that, in some cases, businesses are not even able to estimate their potential risk exposure.
Organisations therefore need to implement defensible disposal and information governance (IG) programmes in order to stem or flatten the information growth curve and proactively mitigate risk.
Key drivers of IG
A further audience poll revealed that regulatory compliance is the primary driver for implementing an IG programme for more than two-thirds of delegates. Just under a quarter felt that the requirement to be better prepared to respond to litigation or investigations are the main driver, while the remainder of the audience believed cost reductions/ operational efficiencies are the most significant factor driving change.