GRC Journal - (Page 56) Effective Information Governance: A Key Component to Improving Information Quality n Improvement of operations by increasing the reliability of critical information assets for management decision-making Improvement of operations by decreasing the time required to reconcile independently generated reports Improvement of audit, controls and reconciliation processes, facilitating the resolution of data issues at the source rather than in downstream processes n n The overall goal of an EIG program is to facilitate the improvement in IQ, and thus the ability to monitor, manage and improve business performance. Some of the more specific goals of an information governance program include: n and processes needed to support information governance and stewardship going forward. Phase 2 consists of implementing a pilot project and making improvements to the current capabilities, as defined in Phase 1. In this second phase, organizations improve their processes while developing the organizational change, educational and training aspects necessary to roll out the program throughout the enterprise. Phase 3 is the actual implementation of the overall program, representing the cumulative result of design improvements and lessons-learned to define the final approach to EIG implementation. While every step in a phased approach to information governance initiative is essential, we believe there are several key components that will likely have the biggest impact on ultimate results of the effort: n Identifying corporate information assets that warrant investment, the data quality requirements for those assets and the governance model required to support the investment Building a framework to advance the business value of a company’s enterprise information assets and keeping that framework flexible enough to allow for expected and unexpected changes to the business Defining a process with which IT projects can be prioritized and funded in a manner that provides the most value from the investment Defining a method to monitor the value (savings or earnings) realized by the governance program Defining baseline information governance processes, organization and technology Defining a data stewardship model where all data assets, as well as reporting metrics, have an owner who is responsible for setting standards, validating quality and approving usage Enabling information transparency by implementing a source to report control framework that provides the ability to reconcile and/or trace information from any report to its source system n Development of an effective information governance structure and model Implementation of effective information stewardship Execution of a pilot program to refine the approach and build confidence and credibility n n n An effective EIG organization should have the following characteristics: n n n n Senior executive sponsorship Centralized data management group Cross-business unit or cross-functional “Data Management Review Board” Clearly assigned accountability for data quality Clearly defined roles and responsibilities for IQ attributes Adequate, qualified resources Close alignment between business and IT n n n n n n n The essential components of an effective information governance program include organization, standards, processes and technology. n Organization: The roles and responsibilities for parties involved in providing information governance and stewardship are defined. Standards: Definitions are developed for what data is needed, what it means, which source systems supplied it and which business rules transformed it. In addition, the taxonomy and metadata standards that can be fed into the metadata strategy and its ensuing implementation are developed. Processes: Standards are linked with technology to create an operational and organizational workflow model. These defined standards will be monitored and enabled through the implementation of the metadata strategy. Technology: How the company will manage the information and how technology and tools can facilitate the process are defined. n To implement effective stewardship, consider forming crossfunctional councils to oversee IQ in specific areas, such as customer information or product information. These councils should be structured and authorized to act across functional and business unit silos, and to help promote stakeholder cooperation and cross-functional collaboration in addressing IQ issues. Good governance and accountability within the business units are what make IQ improvements stick. Without them, the company is likely to quickly revert to its old, familiar ways of producing and managing information. An overall information stewardship council can also be very effective. A stewardship council is a virtual team, comprised of the various information stewards, and dedicated to advancing the mission of the overall EIG team. Stewardship council responsibilities might include: n n Applying the enterprise information vision, mission, and strategies Accountability to information stakeholders, such as customers, shareholders, employees, and external regulatory entities with respect to the quality of information Resolution of data-related issues, such as differing definitions of data elements Establishment of quality measures for data Creation of cultural change for IQ and accountability Providing consistent definitions and use of existing and new data n n n We recommend a three-phased approach to building an EIG program. Phase 1 focuses on program design and metadata strategy development. In this first phase, organizations evaluate their existing enterprise strategies, identify gaps and synergies between them, and then develop the new frameworks, designs, n n n 18 Business Trends Quarterly Technology Solutions. Business Strategy.
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