Is Your Business At Risk?

“Data governance (DG) refers to the overall management of the availability, usability, integrity, and security of the data employed in an enterprise.” (datagovernance.com)

Most organizations have some form of data governance, whether their data is stored in spreadsheets, database systems, or an enterprise-level document management system. So, the question is whether it’s time for your organization to move from informal data governance to formal data governance.

According to David L. Stevens of Carnegie Mellon University, “Organizations need to move from informal governance to formal Data Governance when one of four situations occurs:

  1. The organization gets so large that traditional management isn’t able to address data-related cross-functional activities.
  2. The organization’s data systems get so complicated that traditional management isn’t able to address data-related cross-functional activities.
  3. The organization’s Data Architects, SOA teams, or other horizontally-focused groups need the support of a cross-functional program that takes an enterprise (rather than siloed) view of data concerns and choices.
  4. Regulation, compliance, or contractual requirements call for formal Data Governance.”

With the rapid growth of data within organizations, along with an increase in regulatory and legal implications, getting your Electronically Stored Information (ESI) in order has become paramount. The truth is businesses must be more proactive if they want to mitigate risk and reduce expenses, should they need to prove the circumstances of an event.

Ask yourself these questions:

  • Do you know how long your business is required to keep specific data, such as tax information, invoices, or payments?
  • Can you easily search ALL of your current and archived data by specific dates or keywords?
  • How long would it take your business to provide all of the data and document images requested in a discovery?

Is your business on the road to compliance?
If you are not sure about any one of those items, your business may be at risk. The implementation of a formal data governance plan, along with a robust document scanning and data capture system, will help provide your business with a plan and assurance that your data will be available when it is needed.

Our team can help you assess your risk and develop a formal data governance solution. Contact us today.

 

For more information on Data Governance, click here.

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