In a keynote session at Legaltech 2013, Hon. Andrew J. Peck, United States Magistrate Judge for the Southern District of New York, stated “If 2012 was the year of predictive coding or technology-assisted review, 2013 or ’14 seems to be information governance.”
Well, we are fast heading into 2017 and information governance is no longer the amorphous buzzword it was almost 4 years ago. Clearly defined, Information governance is a complex set of processes that require input from all staff levels, workflow and documented processes, and strategies for enforcement of policies, as well as the appropriate technology to deploy actions based on the decisions. Organizations have gone through the mindset of “why” and “when” and are now deep into the “how” of implementing information governance. With the exponential increase of data into every facet of an organization, IT is drowning even deeper in data. While the value of information declines over time, the cost to manage it more or less remains constant, so there is a widening gap as over time costs overtake the value. Also, there’s a higher risk of data loss, running afoul of privacy rules, non-compliance with regulatory retention periods and unjustifiable eDiscovery costs.
One new development in the last few years has been the advent of the “CDO” or Chief Data Officer. New to the organization and tasked with bringing in and analyzing data that can provide value and increase the bottom line, many times CDOs find themselves maneuvering through the information governance minefield that was planned and set up long before they came on board.
Another significant trend has been the increasing adoption of cloud by organizations of all sizes and industries. Even the most vocal skeptics of cloud computing have come around to the conveniences and increased security that it can provide. However, the decision to move some or all of an organization’s applications to the cloud can be a complex one. Depending on their regulatory profile and the process used, the transition can sometimes be slow and painful. For that reason, it’s no longer just IT that makes the call. Legal, compliance, RIM, security and privacy have and should have a hand in making sure the transition will fit the needs of their organization.
So although we are much further to the right of the information governance maturity than we were in 2013, new challenges will necessitate the constant assessment and reassessment of the processes we previously started.
To hear more about how organizations are adapting to these new challenges, register for our webinar on September 20th with experts from Biogen, Swisslog and FTI Consulting.
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