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Revamp your information lifecycle management strategy for endless data

More data, more problems? #GRCchat participants discuss new governance challenges and how to revamp an information lifecycle management strategy.

Is your organization equipped to effectively manage information-related assets? An information lifecycle management strategy to track data assets from their creation, use, storage and eventual demise is no easy feat -- especially in the digital age. Modern businesses are responsible for endless amounts of data, requiring IT leaders to constantly revise information lifecycle governance plans due to evolving GRC needs.

During our April #GRCchat, SearchCompliance asked participants what information governance challenges have emerged as data continuously flows into organizations.

SearchCompliance Site Editor Ben Cole kicked off the discussion by suggesting that the more data companies retain, the more governance problems they will see pop up -- and offered some possible solutions.

It's simple: With more data on their plates, IT organizations are forced to beef up information management, enlist stricter data retention policies across their company and encourage periodic deletion with specific company needs in mind. Let's be realistic, not all data should be stored forever. This led to SearchCIO Managing Editor Rachel Lebeaux's comment:

SearchCIO Editorial Director Christina Torode asked the crowd about the cloud's influence on information lifecycle governance:

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Successful information management requires a clear understanding of data asset priorities. Massive amounts of mobile and machine-generated big data are coming in -- and not necessarily going out. IT teams must contemplate ranking information assets based on its level of importance and then govern from there:

Is your IT security team ready to decide which information assets to hold close and which to expire? What info governance challenges are created by new information-related compliance and risk management needs? Sound off in the comment section below.

Our next #GRCchat will be held May 15 at 12:00 p.m. EST. Follow @ITCompliance on Twitter to learn about the topic when it's announced.

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What governance challenges are created by new information-related compliance and risk management needs?
The biggest challenge is the life cycle management of information and associated data retention policy for the organisation that meet the regulatory compliance at different geographical locations across the globe where at many, there is unclear or absense of the regulation.
Proper analysis of current sources, their validity and retention requirements is needed as a baseline, accompanied by appropriate policies and practices to keep items only for as long as needed and to be sure that multiple copies of documents etc are not sitting in other places in the organisation (uncontrolled)
"Regulatory compliance at different geographical locations across the globe" -- This came up in a discussion at MIT Sloan CIO Symposium last week, Raghavanselvamani

DGrahamRKI, totally agree.
Identifying document assess financial impacts track and follow up on issues management dashboards