10 Essential Strategies for Successful Information Governance and Data Retention for Executives
Thursday, November 30, 2023

Information governance and data retention have been important topics in the corporate world for years. As an executive, it’s crucial to ensure effective management, storage, and secure disposal of your company’s data. Having well-defined information governance and data retention policies helps maintain compliance with legal requirements and safeguards against data breaches and cyber-attacks. In this post, we’ll share 10 essential strategies for implementing a successful information governance and data retention plan, optimizing your company’s data management.

  1. Develop a Comprehensive Data Retention and Information Governance Plan: The first crucial step in creating an effective plan for data retention and information governance is to develop a comprehensive policy. This policy should clearly define the necessary retention of company data, storage locations, access permissions, disposal procedures, and be regularly updated to comply with legal requirements, changing data practices, and company growth.
  2. Employee Training for Enhanced Data Security: Ensuring the success of your data governance policy requires training all employees to understand their roles and responsibilities in safeguarding company data. Your employees are the first line of defense against cyber-attacks and data breaches.
  3. Prioritize Data Security Measures: Regular security checks and audits are essential to protect your company’s information. Your IT department should review and update security measures to ensure data remains safe. Additionally, having backup and recovery plans in place can preempt data breaches and provide a framework for recovery.
  4. Streamline Data Management for Effective Information Governance: Streamlining data management is crucial for efficient information governance. Reduce irrelevant or outdated data by archiving non-essential data, deleting duplicates, and setting clear data and document retention schedules.
  5. Leverage Cloud Technology for Data Storage and Management: The adoption of cloud technology for data storage and management has gained rapid popularity in recent years. Cloud storage solutions offer secure, cost-effective, and scalable methods for storing and accessing data.
  6. Establish a Disaster Recovery Plan: Unforeseen catastrophic events or natural calamities can result in data loss or breaches. Having a robust disaster recovery plan ensures data remains safe and can be retrieved in the event of a system crash.
  7. Implement Data Preservation Procedures: Your Information Governance Policy should outline specific procedures that allow retrieval of archived data when required for litigation or audit purposes. This includes holding certain business records and information in separate preservation formats, protecting this data set from routine backups, and strictly controlling access to it.
  8. Ensure Accountability and Efficiency: The information governance team should be accountable and responsible for documentation management. Provide them with clear job descriptions and access to the necessary information to maximize their efficiency.
  9. Maintain Compliance with Laws and Regulations: Governing authorities have enacted laws and regulations regarding safe storage, data breaches, and access to sensitive information. Organizations must adhere to these legal frameworks, such as GDPR or the California Consumer Privacy Act, hence the importance of maintaining a compliance program.
  10. Regularly Review and Audit: Regularly reviewing and auditing your information governance policy ensures compliance with new regulations, adherence to procedures, and identifies areas for improvement. It also allows identification of document retention periods that have expired and no longer need to be stored.

Accomplishing successful information governance and data retention is a challenging task that requires strict guidelines, consistent enforcement, and centralized storage capabilities. With the implementation of these 10 essential strategies, executives can prioritize information governance and data retention, ensuring control and improved access to critical digital assets. While it may seem daunting, achieving successful information governance and data retention is possible with the right resources and adherence to these strategies. If you need assistance in mapping out your plans for effective solutions, reach out today to discuss how we can help implement a successful information governance and data retention plan for your organization.

Jim Merrifield contributed to this article 

 

NLR Logo

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up to receive our free e-Newsbulletins

 

Sign Up for e-NewsBulletins