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Data Risk Management

Data Risk Management Defined

As an organization or an individual that is responsible for your company’s data safety, you may be wondering, “What is data risk management?” Data risk management (DRM) is a strategic business discipline for analyzing and mitigating threats to an organization’s data assets. DRM identifies, assesses, and controls risks to data, both downside risk as well as upside risk.

DRM is systematic, continuous, holistic, proactive, and flexible. Organizations must regularly review and adjust their DRM strategy according to evolving business conditions, market forces, and technology options. Data risk management is as essential a component of strategic business planning and operations as financial risk management, human capital risk management, or competitive risk management.

Importantly, what is data risk management when it comes to your company’s specific industry? Data risk management is not a phrase uniformly used across industries and may be confused with – or used interchangeably with – the following terms and phrases (which describe the five main sub-disciplines or sub-areas of data risk management): Information Governance, Data Security, Data Privacy, Data Management, and Data Compliance.

Information Governance

Information Governance encompasses the policies, standards, processes, procedures, metrics, and roles guiding an organization’s efficient and effective use of data.

Data Security

Data Security involves protecting data and information assets from threats impacting confidentiality, integrity, and availability.

Data Privacy

Data Privacy involves protecting an individual’s personal information. It is typically driven by statutory requirements (laws), industry regulations (rules), and customer agreements (contracts).

Data Management

Data Management is the technical administration of data including its collection, acquisition, definition, architecture, storage, master/reference structure, metadata catalog, integration, availability, and quality controls.

Data Compliance

Data Compliance is the process of ensuring that an organization complies with applicable laws and regulations related to data.

What is a Data Risk Management Program Build?

A Data Risk Management Program Build, or DRM Program Build is a multi-phase service offering that starts with a systematic analysis of a client’s data risk, along with their capacity to manage it. Once gaps are identified, Infolock develops and guides customers through a sustainable, cost-effective plan for program implementation and management. Following implementation, Infolock remains a subject matter expert and advisor to clients, ensuring continuous program accountability and maturation. When properly implemented, a DRM Program Build can effectively support ongoing strategic business objectives and provide meaningful risk reduction to the organization.

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