The Role of IG-Information Governance in Oil and Gas Business..

Today as we all know it is a data or information-driven world. Information was an element that could add some value till the last decade but now all has changed. You may wonder why many Oil and Gas companies are adding literally a sentence saying “information is company assets” so that calls for a short discussion on the role of IG in Oil and Gas.

The volume of information generated and managed by organizations has reached unprecedented levels. As a result, the need for effective information governance has become paramount.

What is IG- Information governance? As you all know Information governance refers to the set of processes, policies, controls, and practices in place to ensure information is managed, utilized, and protected in a strategic and compliant manner as per the company's needs.

In this short article, we are going to explore why information governance is crucial for businesses, highlighting its benefits, challenges, and best practices.

Benefits of IG

Data Security and Privacy:

Breaches in data security can have catastrophic consequences, including financial loss, damage to reputation, and legal ramifications. A well-structured information governance framework helps safeguard data by defining access controls and management, encryption protocols, and proper disposal methods of information. This is considered as one of the crucial benefits if information governance.

Law and Regulations

Information Governance ensures the compliance with related law and regulations. A well established IG supports the information lifecycle management as per the law and regulations and it mandate the security, access, lifecycle and final disposal as per the law.

Protects the Reputations

Information exposure or unauthorized access damages the company's reputation but a good IG practice ensures the tagging of information with appropriate information security classifications and access control as per the regulations they are in.

Operational Efficiency

A streamlined information governance process facilitates efficient data retrieval, reduces duplication, and minimizes errors. When some of us can quickly access accurate information, decision-making improves, and productivity increases. This is particularly important as organizations grow and data becomes dispersed across various departments and systems.

Information & Data Quality and Decision-Making

High-quality information & data is the foundation of effective decision-making. Information governance ensures data accuracy, consistency, and reliability. When decisions are based on trustworthy information, organizations can confidently steer their strategies in the right direction.

Enable Records Management

Information governance mandates the implementation of records management. Many organization is not really building their records management as per the requirements law and regulations. Recently the demand for records management has increased. Records management controls the records lifecycle as per the law and regulations and in the end, it preserves the right records instead of all information.

Cost Management

Poor information governance can lead to unnecessary costs, such as litigations, storing redundant or obsolete data, managing data breaches, and rectifying data errors. By implementing efficient information governance and management practices, businesses can optimize their data storage and usage costs.

Is this the last benefits?. No.. the list should go on.

Challenges in Implementing Information Governance

Non-Information Governance people running the show.

There is a myth that anyone can define the information framework and governance model. This approach always leads to reframe work design after a huge lesson learned. The IG suppose to be planned and executed by the experienced professional that helps any company to stay IG compliant from day one.

Complexity

Information governance involves a diverse range of activities and tasks, from information definition, classification, IA design, secuirty and access control to retention policies. IG program should always requires collaboration between IT, cybersecurity, legal, compliance, and business units.

Lack of Awareness

Many companies undervalue the importance of information governance or misinterpret its space. Educating stakeholders about the risks and benefits is crucial to garnering support for implementation.

Change “its not my cup of tea”

Resistance to Change is another challenge that we face. Implementing information governance often requires changes in workflows. Employees may resist these changes if they perceive them as disruptive or time-consuming. Proper change management strategies are necessary to address this challenge.

Technological Changes

Information governance strategies always adapt to new data sources, storage solutions, and communication platforms. Staying up-to-date with evolving technologies is a continuous effort.

Best Practices for Effective Information Governance

Cross-Functional Collaboration

Establish a team or a steering committee that includes representatives from IT, legal, compliance, and business units. This ensures a comprehensive approach to information governance and make them stay taking decisions that is informed all the key stakeholders in the company.

SoPs, Policies and Procedures

Develop and document policies for classification, retention, access control, and data sharing. Make these policies easily accessible to all employees.

Regular Auditing and Monitoring

Audit and monitors are routine activities as per the company IG framework for sustainability.

Training

Train employees on information handling best practices, security protocols, access management, and the importance of information governance.

Create an IG culture

Develop an information governance culture in the company. Training and developing focal points from the business unit and also building a community of practice for sharing knowledge and ideas around the IG shall definitely help to sustain and improve the practices.

Never say NO to change

There are no fixed practices in the world if someone is always keen on improvements. Improvements often call for changes in technology or way of work so change management is always something that comes with a better IG framework.

What are the final takeaways?

Information Governance is not something that some of us think is "nice to have" but it is a "must-have" for business. Information is a key asset for any company in oil and gas that has the same or more weightage than the physical assets so a better governance framework design shall utilize the information to make business decisions, mitigate the risk, business continuity, and stay confident complaint with law and regulations. In my short journey, my experience is a mix. I have seen corporations that are more advanced in IG framework and practices and at the same time, I also experienced poor IG practices. I have influenced business units to have IG practices for their information. Most of the time, there is always a lack of IG professionals in the company or they are adding the IG in one of the business units without sufficient specialists which is one of the major challenges. By addressing challenges head-on and implementing best practices, businesses can navigate the complexities of the digital landscape while ensuring that their data remains a valuable asset rather than a liability.

#information #informationgovernance #recordsmanagement