The name “Information is Currency” comes from the fact that information is one of the most underrated pieces of currency of a business. For this reason, I am huge fan of the Information Governance Reference Model (IGRM) which states that “linking duty + value to information asset = efficient, effective management.”
Your assents are specifics containers of information and they have value by serving a specific utility or business purpose. As information managers it is our duty to follow the legal obligations which govern our information. If we do this then stakeholders can operate as lawyers, administrators, whatever their roles are, “and the management and governance of information becomes a less intrusive task (aka less time consuming and less costly).” The quote is taken from “Information Governance: Not Just Hype” by Leigh Isaacs.
Information governance is a task that does not belong to one person or one organizational unit. Information governance needs buy-in from the business users so that profit can realized and maximized, whether that profit is monetary or time. IT departments must be involved with information governance to implement efficient tools and infrastructure for information governance. Legal, risk and regulatory departments all must also play a role in information governance to help minimize rise. These three stakeholders represent the requirements of information governance, which are as follows:
- An understanding of the business imperatives of the enterprise,
- Knowledge of the appropriate tools and infrastructure for managing information, and
- Sensitivity to the legal and regulatory obligations with which the enterprise must comply.
At the heart of the IGRM is the records lifecycle. The records lifecycle is the basis of implementing any information management program as it gives concrete and actionable steps regardless of the phase your organization is at in RIM maturity.
Even the most primitive business creates information in the course of daily operations, and IT departments spring up to manage the logistics – indeed, one of the biggest challenges in modern organizations is trying to stop individuals from excess storing and securing of information. Legal stakeholders can usually mandate the preservation of what is most critical, though often at great cost. However, it takes the coordinated effort of all three groups to defensibly dispose of a piece of information that has outlived its usefulness, and retain what IS useful in a way that enables accessibility and usability for the business user. (Taken from the Information Governance Reference Model IGRM Guide)
Once full maturity is reached for your RIM program, following the IGRM will allow for unified governance, policy integration and process transparency