The following is from an article in Wall Street and Technology entitled, “Information Lifecycle Governance: Aligning Information Stakeholders to Improve Information Economics.” It is by Allen Cohen of BNY Mellow and they are his lessons learned as Director & Chief Information Officer from when he implemented an information lifecycle governance program to transition from paper-based governance process to handling electronic information.
1. Bringing Together the Right People. ILG requires broad and deep support from executives and managers. The ILG Executive Steering Committee includes our Chief of Staff as executive sponsor, Global head of Client Management, Global head of Operations & Technology, Chief Risk Officer, Chief Financial Officer, General Counsel, and our Chief Information Officer. Our Senior Advisory Group is composed of business leaders who provide staff and support for the program. We have also staffed a Program Office that drives and measures progress toward our ILG goals and directs the efforts of a Working Group, which is developing the specific processes.
2. Creating a Framework for Unifying Processes. Our first task was to develop a strategy for unifying the disparate processes and practices in Legal, RIM, IT and the businesses. We leveraged the Information Governance Reference Model (IGRM), to provide a framework for linking information duties and business value to actual data assets. This is necessary to ensure the availability of valuable information, reduce risk, and enable disposal of unnecessary information.
3. Translating Strategy into Tactics and Goals into Results. Next, we established clear connections between business objectives, the processes and actions required to achieve them, the capacity to execute those actions and the measurement needed for accountability. Without clear business goals, processes and metrics, it would be impossible to evaluate whether we have the capacity for successful execution.
4. Implementing the Right Technology. We are also implementing technology to support creating a global standard taxonomy and retention policy, cataloging the business value of all information, automating legal holds and syndicating this information to the IT systems with custody of the information. We are also implementing a shared data source catalog across all the stakeholder organizations and a secure repository where records can be managed and disposed.
5. Measuring Success. As part of this journey, we are implementing constant and consistent measurement and reporting. Using our cost- and risk-reduction goals and timeline, we have created executive dashboards and management reports. We are also measuring our operational capacity to ensure we have the resources we need to succeed.
6. Auditing the Program. The key final step of the journey will be to engage Internal Audit to report on process failures, help identify failure causes, and ensure accountability for fixing issues.