04 Feb Five Things You Need to Know About Governance
Five Things You Need to Know
04 February 2021· 4 min read
Project-based organizations operate by successfully completing work for their clients in banking, finance, legal, consulting, and more. These organizations work on thousands of projects, relationships, matters, engagements – whatever you may call them – within a year.
If your organization falls into one of these categories, then this article is for you!
Successfully delivering projects requires detailed processes that make it easy for your end-users to create and work on documents, and for the risk management team to apply security policies.
Beyond internal efficiency, you also need to think about preventing and reducing the risk of having a bad day – a cyber breach or a data incident. The bad guys gain access to your organization’s systems, copy and delete data. And to add to it, if your data is ungoverned, you might not even notice it happening.
Regulatory bodies and their hefty fines further amplify your worst nightmare of a data breach. These institutions will fine any organization that does not have the necessary processes to govern and protect data.
That’s why governance is so important. It ensures efficiency, risk reduction, and compliance with regulations. Here are five things you need to know about governance to reap its benefits.
Governance is at the core of an organization
You might think that the risk management or information security team are the only departments responsible for ensuring that your organization is properly governed and in compliance with rising privacy and cybersecurity requirements. But, that is not the right perspective.
Governance should be at the core of your organization, and your processes should make sure that everyone is responsible for it.
Governance is dependent on how many collaboration systems your organization uses (Office 365, DMS, CRM, etc.) and how they work with each other. It is about how and where you initiate a project and where your end-users save their files. It is about tracking content across these systems, securing it, and ensuring data are deleted when the project is over. In other words, everyone is involved in governance.
Take your marketing team as an example. You might think they have nothing to do with governance, but consider the type of data and projects they work with. It might be the end of the year, and the team is sending gifts to your clients as a token of appreciation. Well, since everyone is working from home now, what do they need to send these gifts? They need your clients’ addresses, which qualify as personal data.
Any personal or sensitive data should be properly secured. If someone saves client addresses in their local drive and the organization experiences a breach, hackers will have access to that data, and that is a very bad day for your entire organization.
Governance starts with understanding context
The challenge in applying effective governance is understanding the context of data. You need to know what the project is about, who is working on it, what documents belong to that specific project, and much more.
To understand the context, organizations usually rely on manual processes, such as a member of the risk management team emailing an executive to ask what a document is about. The chances of the executive answering are very low.
A better alternative is assigning rich metadata across collaboration systems. Rich metadata enables you to assign unique identifiers to projects in any collaboration system you are using. You can set the type of project, department, office, author, and more, to a Team, Channel, folder, or document. Add a unified directory where you can view, manage, and govern your content for better capabilities.
Through rich metadata to provide context and a unified directory to manage it, your end-users and the risk management team can filter by metadata to find the relevant Teams, Channels, folders, or documents so they can work on them or apply security.
You can get these capabilities through enterprise platforms that work across systems, such as Prosperoware CAM.
Governance goes hand in hand with provisioning
In our last blog post, we talked about provisioning and its benefits on structure and consistency across collaboration systems. Governance is closely related to provisioning. Effective governance becomes impossible without automatic provisioning of projects across systems with rich metadata, consistent folder structures, and naming conventions.
If in the DMS a project is named Project A, while in Teams, it is Project AB, risk management teams will have a difficult time relating these projects together and applying consistent governance. This could lead to providing access to the wrong people, weakening zero-trust or need-to-know security policies, and exposing the organization to privacy and cybersecurity risk.
Provisioning eliminates these inconsistencies and provides the necessary context for governance.
Governance goes beyond data security
As you may have noticed, we refer to the term governance as not just applying security. Governance encompasses the entire lifecycle of a project, from provisioning to minimization. It involves appropriately classifying content through rich metadata for context, protecting it through zero-trust and data loss prevention, and deleting or minimizing it when the project data is no longer necessary.
Governance provides efficiency and risk reduction
Setting up the right processes for effective governance has many benefits. When automated, governance reduces your costs because your risk management team does not have to manually set security for every Team, Channel, workspace, folder, or document.
Because data is properly classified and only the right people have the necessary permissions, governance also reduces the risk that users will have access to sensitive data or save it in the wrong location.
And, if you end up experiencing a bad day of a data breach, you can assure regulatory bodies that you have set the right processes in place to ensure data protection and avoid hefty fines.
How Prosperoware Helps
Prosperoware CAM is a software-as-a-service (SaaS) enterprise platform that enables organizations to leverage their collaboration systems for digital transformation while improving governance. CAM allows organizations to enhance processes around management of office documents, improve adoption, and reduce risks related to privacy & cybersecurity.
CAM integrates with various collaboration systems, including Office 365 (Microsoft Teams, SharePoint Online, OneDrive, Planner, OneNote), File Shares, iManage, NetDocuments, HighQ, and more to come.
Our unique approach relies on adding context by applying rich metadata to identify projects, matters, engagements, etc., to workspaces, Teams, Channels, and folders in systems. This approach benefits end-users and the risk management team. Users can leverage critical metadata to locate content easily, while risk professionals can focus on data security and disposition instead of trying to determine its context.
Key CAM features:
- Automatic provisioning of workspaces, Teams, Channels, and folders from Project Portfolio Management, CRM etc., or through human workflow using templates
- Rich, custom metadata for project or document context
- Unified directory for project location
- Provision internal & external users, manage permissions, and integrate with ethical wall systems
- Data Loss Prevention including activity monitoring and bulk security & metadata changes
- Set data disposition policies or apply litigation hold