Manage critical data risks and regulatory requirements

Data risk management is how organization identify, assess, and mitigate data-associated risks. This includes potential threats related to data security, compliance risks, data privacy, and business risks associated with improper data handling.

Managing critical data risks aims to maintain data integrity, accuracy, and accessibility unauthorized access. This prevents data breaches and ensures compliance with both organizational policies and regulatory requirements.

Communication compliance

Most organizations struggle with how to regulate internal communication. Corporate policies is the solution that can be used to empower organizations to detect and act on inappropriate and sensitive messages. The corporate policies protect an organization against data risks such as communications that include inappropriate communications containing threats, profanity, and harassment.

Elsewhere, risk management help rein in sharing sensitive information inside and outside of an organization by the data users. This is through nipping in the bud unauthorized communications and conflicts of interest about potential projects such as upcoming acquisitions, mergers, earnings disclosures, company reorganizations, and leadership team changes.

Also, regulatory compliance falls within the purview of communication and its role is to handle internal data risks such as reviewing broker-dealer communications in an organization to safeguard against potential insider trading, collusion, or bribery activities.

Data lifecycle management

Organizations have a responsibility to manage the lifecycle of the data within their data estates. Data lifecycle management helps organizations retain necessary content and delete unnecessary data, ensuring compliance with business, legal, and regulatory requirements. Retaining and deleting documents, emails, and messages is often needed for compliance and regulatory requirements. Also, deleting content that no longer has business value also reduces an organization’s attack surface.

Records management

Records management focuses on the full content lifecycle support, from creation to collaboration, record declaration, retention, and disposition. It helps an organization manage its legal obligations and provides the ability to demonstrate compliance with regulations. Also, it increases efficiency with regular disposition of items that are no longer required to be retained, no longer of value, or no longer required for business purposes.

Conclusion

Improper data management throws up data risks such as insider threats, data breaches, data loss, and data privacy. Managing critical data risks plays a crucial role in an organization by protecting it against potential data breaches. Furthermore, data risk management is crucial because it enables organizations to manage their reputation and financial security, fulfil regulatory compliance, gain competitive advantage, ensure business continuity, and achieve privacy assurance for both employees and customers. Organizations can rely on communication compliance, data lifecycle management, and records management to manage data risks that emanate from both within and outside an organization.