Discussions and Portfolio Project: ITS-833: Information Governance

Portfolio Project

Name

Institution

Introduction

The exponential growth in the amount of information generated, analyzed, and stored in the banking sector has led to the need for establishing a dedicated information governance program. This portfolio project is a proposal for the implementation of information governance program in a bank. The banking sector has been collecting vast amount of data which is stored either in hardcopies or electronic forms. Customer data stored in rational databases has been experiencing challenges due to lack of administration which compromises data integrity issues. The company has been experiencing duplication of customer data due to lack of administration. The company also lacks policies that can be used to address the issue of handling customer and business data. The company is interested in utilizing the social media in leveraging its marketing power but it lacks the legal issues and policies needed.

The bank should consider developing and implement the information governance program which will facilitate numerous benefits to the business and customers. Information governance will enable the company to comply with existing laws and avoid litigation activities. The banks will be in a position to obtain tangible cost saving and storage utilization since unnecessary data will be eliminated from the system (Najjar, Alharbi, & Fasihuddin, 2020). The information governance program should be able to identify information that is valuable and determine storage media that will be required in managing and processing the data. The company should develop and implement effective information governance program that will promote business agility as well as profitability. Information governance program will enable the company to understand the value of collected data and enable the company to set in place procedures and processed to access it securely when required (Faria, Macada, & KUmar, 2013). Thus, the program will enable the company to turn the generated date into valuable information for the business since information governance will set procedures and policies that allow secure access to authorized persons and ensure compliance with existing regulation.

Information governance will also facilitate cost reduction of information administration and storage. The program will enable the company to have few version of information and develop an automated deletion and archival policy that will save the company’s data storage and IT Infrastructure (Wingard, 2021). Some of the information many not be essential to the company yet it is still stored and consuming space. Information governance will help in identifying and eliminating unnecessary data to increase storage and reduce cost.

The program will also promote collaboration between the employees, partners and customers. It will create and manage a secure environment to increase collaboration. Information governance will establish policies and procedures that will leverage the collaboration platform to maximize business value and minimize risks. This will increase chance of the company identifying how it can promote its use of social media in leveraging its marketing power.

As a result, this paper is a proposal from the implementation of information governance program in the bank. It will discuss the strategies of implementing the information governance in the banking sector. It contains a literature review of existing practices that can be effective in the banking industry. The strategies discussed will be effective in tracking key metrics and data management to mitigate cases of duplicating information. It will also help the company to identify strategies of cleansing and converting data from the legacy to digital format as well as determining the applicability of the data in the business and its stakeholders. The strategy will also ensure compliance with existing regulations to avoid litigation. The project will propose strategies of using the social media, cloud computing, and emails to leverage the marketing power of the bank. The proposal will help the management in identifying key metrics needed to track the performance and risk of the company through the key indicators.

References

Faria, F., Macada, A., & KUmar, K. (2013). Information Governance in the Banking Industry. 46th Hawaii International Conference on System Sciences (pp. 4436-4446). Hawaii: University of Hawaii .

Najjar, W., Alharbi, S., & Fasihuddin, H. (2020). Challenges of IT Governance in the Financial Sector: A Study from Saudi Arabia. TEM jornal 9(4), 1580-1588.

Wingard, L. (2021). Banking Industry Challenges — And How You Can Overcome Them. Retrieved September 8, 2021, from Hitachi Solutions: https://global.hitachi-solutions.com/blog/top-10-challenges-banking-financial-organizations-can-overcome