This post by Dan Braude discusses the importance of records management to proper information governance. Baude argues that:
Poor records management gives rise to substantial risk. This includes adverse litigation consequences from preservation failures, regulatory fines deriving from compliance breaches, negative impact on business needs, loss of sensitive business information, and, in the event of a data breach, business continuity concerns and violation of privacy laws with related reputational damage. By some measures and as found in a recent study by the Ponemon Institute, the cost per lost or stolen record containing sensitive and confidential information exceeds $150. While there is no question that organizations should take steps to enhance their information security practices, the surefire method of avoiding unauthorized access to data and minimizing many of the above-mentioned risks, is to avoid storing data in the first place.
Of course, records and information management (RIM) professionals know this already, but it’s important that they explain clearly to senior management the direct link between records management and information governance. Baude’s column provides a useful summary of the key points that RIM professionals could use to further strengthen corporate understanding of the importance of their work to information governance.