In an era marked by the exponential growth of data, evolving business landscapes, and increased regulatory scrutiny, effective data governance has emerged as a critical imperative for organizations of all sizes. The complexities of managing and governing data in today's dynamic environment demand a new paradigm that aligns with business objectives, adapts to change, and encompasses a holistic approach to data governance, data risk management, and data compliance (Data GRC).
Organizations face specific challenges in data governance, including the discovery, collection, management, access, and analysis of data. These challenges require a comprehensive approach involving establishing clear responsibilities, implementing data quality measures, and ensuring secure access to data while upholding ethical data analysis practices.
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Data GRC involves recognizing and mitigating risks associated with various data types, such as structured, unstructured, communication/messaging, and those posed by artificial intelligence. From data breaches and corruption to compliance issues and biased AI decision-making, organizations must adopt a strategic approach to safeguard their data assets. The interconnected and data-centric nature of modern organizations requires a holistic and agile approach to Data GRC. Executives and directors increasingly recognize the need for effective data governance as part of their fiduciary responsibilities. Data GRC integrates data governance into an overall Data GRC framework, aligning with business objectives and addressing the evolving challenges, risks, uncertainty, and compliance the data-driven landscape poses.
Organizations must adopt an integrated Data GRC approach to govern data effectively, meet data-related commitments, and manage uncertainties and risks in data management. Without a coordinated strategy and information architecture, organizations lack the insight to connect data%20(4).png?width=450&height=297&name=Data%20governance%20landscape%20%20(500%20x%20330%20px)%20(4).png)
management with decision-making, business strategy, and overall performance. An integrated Data GRC approach combines strategy, processes, and technology to manage data effectively, meet commitments, and mitigate uncertainties and risks. This approach necessitates a robust Data GRC framework that establishes direction, strategy, and information architecture for effective data management.
Data GRC strategically integrates:
- Data Governance. Establishing direction, strategy, and ontology for effective data oversight and use.
- Data Risk Management. Identifying, assessing, and mitigating risks and uncertainty associated with data collection, storage, use, communications, and disposition.
- Data Compliance. Ensuring integrity and fulfillment of regulatory, contractual, and self-imposed data-related obligations the organization must meet.
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Embracing Data GRC is not just a best practice; it is necessary for organizations aiming to thrive in today's complex data-centric business environment. Here's a call to action:
- Adopt an Integrated Approach. Establish a unified strategy, process, and technology framework for Data GRC to align with broader business objectives and enterprise GRC efforts.
- Identify & Mitigate Data Risks. Implement strategies such as ontology development, master retention schedule, record classification, encryption, access controls, ongoing/continuous assurance and audits, and employee training to mitigate structured, unstructured, and AI-related data risks.
- Address Specific Data Governance Challenges. Focus on discovering, collecting, managing, accessing, and analyzing data by establishing clear responsibilities, implementing data quality measures, and ensuring secure and ethical data practices.
- Stay Informed and Adaptive. Keep abreast of evolving regulations, technological advancements, and business changes to adapt your Data GRC strategies accordingly.
The era of effective data governance demands a proactive and integrated approach. Organizations that prioritize Data GRC will safeguard their data assets and position themselves for success in an increasingly data-driven business landscape. The time to act is now. You can learn more about Data GRC in the GRC 20/20 Strategy Perspective: Data GRC Management by Design and the upcoming GRC 20/20 and Archive360 webinar: The New Data Governance, Risk & Compliance Imperative
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WEBINAR
The New Data Governance, Risk & Compliance Imperative
Archive360 and Michael Rasmussen discuss the new world of data governance. Learn The risks associated with inaccessible, poorly structured, and improperly curated data; crucial components of an effective data governance program; and what it takes to succeed in the AI future.
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Michael Rasmussen is an internationally recognized pundit on governance, risk management, and compliance (GRC) – with specific expertise on the topics of enterprise GRC, GRC technology, corporate compliance, and policy management. With 30+ years of experience, Michael helps organizations improve GRC processes, design and implement GRC architecture, and select technologies that are effective, efficient, and agile. He is a sought-after keynote speaker, author, and advisor and is noted as the “Father of GRC” — being the first to define and model the GRC market in February 2002 while at Forrester. Michael has contributed to U.S. Congressional reports and committees, and currently serves on the Leadership Council of the OCEG and chairs the OCEG Technology Council, OCEG Policy Management Group, and the OCEG GRC Architect Group.
