Washington, D.C. partner Bennett Borden and of counsel Jason R. Baron were members of The Sedona Conference® Working Group 1 Information Governance Drafting Team. The paper, which was released on December 5, 2013, discusses the importance of Information Governance and how crucial it is to modern businesses.
In the commentary, the authors define “Information Governance” as an organization’s coordinated, inter-disciplinary approach to satisfying information compliance requirements and managing information risks while optimizing information value. Information Governance encompasses and reconciles the various legal and compliance requirements and risks addressed by different information-focused disciplines, such as records and information management (RIM), privacy, information security, and e-discovery. Understanding the objectives of these disciplines allows functional overlap to be leveraged (if synergistic); coordinated (if operating in parallel); or reconciled (if in conflict).
The paper explains the need for a comprehensive approach to Information Governance and addresses:
- Why traditional, siloed approaches to managing information have prevented adequate consideration of information value, risk, and compliance for the organization as a whole;
- How hard costs, soft costs, opportunity costs, and risk accumulate for organizations lacking adequate control of information;
- The definition of Information Governance, its fundamental elements, and the resulting benefits to the organization; and
- The crucial role of executive sponsorship and ongoing commitment.
For more information on the commentary, please visit The Sedona Conference® website by clicking here.