How to Extract Value from Data – The Ultimate CGOC Reference Guide

How to Extract Value from Data – The Ultimate CGOC Reference Guide

I’m pleased to announce that the CGOC has just published a new easy print version of its Information Governance Process Maturity Model (IGPMM). First published in 2010 and updated twice since the IGPMM is the industry’s most detailed guide to the business and compliance benefits of maturing an organization’s information governance (IG) processes and the required steps for doing so in the age of big data.

A successful IG program requires buy-in and champions from across the company, but generalizations about “reducing compliance risk” and “improving governance” are rarely sufficient rallying cries for engaging executives and team leaders. The IGPMM is the only model available today that provides:

  • Tools for building a dollars-and-cents-based business case for a robust information governance/unified governance program, including methods for calculating the cost savings associated with eliminating unnecessary information, reducing the risks to proprietary and private information, and faster and more cost-efficient audits and e-discovery projects.
  • A detailed explanation of the 22 processes required for such a program across Legal, Records, Privacy and Security, IT and business lines.
  • Process Maturity Scale, with specific targets for moving from “Inconsistent and Adhoc” processes on the low end to “Integrated, Instrumented and Optimized” processes on the high end – as well as how much organizations can save by reaching each new stage.
  • Risk Heat Map to help plan the necessary actions to take.
  • Process Score Card to measure a company’s risk, including impact and likelihood to occur.

The new IGPMM version also includes updated statistics pulled from the 2018 Cost of a Data Breach Study, sponsored by IBM Security and conducted by Ponemon Institute. These statistics can bolster the business case for a more robust IG program:

  • The average cost of a data breach is now $3.86 million, up 6.4 percent since last year.
  • The average cost paid for each lost or stolen record containing sensitive and confidential information is now $148.

Given the boldness, frequency, and frequent success of cyber attacks today, a mature information governance program that prevents even one major breach has likely paid for itself.

Over the last decade, with the massive increase in data that enterprises collect and the vulnerability of this data to attack, mature information governance processes have become increasingly important to the health of every organization. And now, with the adoption of artificial intelligence and machine/deep learning technology, the need for information governance ratchets up again. The only way these new initiatives will ever be successful is if the data going into them is current, relevant and carefully curated. How can data scientists and others leading the AI charge to ensure the information they are collecting from across their organizations meets the standard? By becoming active players in their organizations’ information governance programs.

Become a member to download the Information Governance Process Maturity Model. For more information on how the CGOC can help you better manage the information at your organization, visit Membership Benefits.