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Information Lifecycle Governance

April 1, 2014
John D. Martin , Renee S. Dankner

Companies need information to succeed, including information on products, services,
strategies, finances, customers, vendors, stakeholders, technology, business tools, the
marketplace, regulatory requirements, employees, compliance, risks, and more. They
also need to be able to secure their information, manage it according to regulatory
requirements, gain timely access to it, provide for disaster recovery and business continuity contingencies, and efficiently mine and analyze it for business and legal purposes.

Striking the right balance is key. Keeping everything-when not needed for business or legal purposes-is a risk management strategy at an extreme end of the spectrum, one that is antithetical to good governance practices and prudent business strategies that otherwise seek to implement well-reasoned systematic approaches, drive efficiencies, and eliminate waste. For companies seeking to strike that balance, reasoned decision-making is fundamental to sound information governance and risk management practices. 

This article explores some data realities, the importance of collaboration among various business functions and players, information governance considerations, the interplay of information governance and how it manifests itself in the litigation process, and some practical tips to consider in implementing information lifecycle governance practices to help minimize risks and improve readiness.  

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