Information governance

Information governance, or IG, is the set of multi-disciplinary structures, policies, procedures, processes and controls implemented to manage information at an enterprise level, supporting an organization's immediate and future regulatory, legal, risk, environmental and operational requirements. Information governance should determine the balance point between two potentially divergent organizational goals: extracting value from information and reducing the potential risk of information. Information governance reduces organizational risk in the fields of compliance, operational transparency, and reducing expenditures associated with e-discovery and litigation response. An organization can establish a consistent and logical framework for employees to handle data through their information governance policies and procedures. These policies guide proper behavior regarding how organizations and their employees handle electronically stored information (ESI).

Information governance encompasses more than traditional records management. It incorporates information security and protection, compliance, data governance, electronic discovery, risk management, privacy, data storage and archiving, knowledge management, business operations and management, audit, analytics, IT management, master data management, enterprise architecture, business intelligence, big data, data science, and finance.

Records management deals with the creation, retention and storage and disposition of records. A record can either be a physical, tangible object, or digital information such as a database, application data, and e-mail. The lifecycle was historically viewed as the point of creation to the eventual disposal of a record. As data generation exploded in recent decades, and regulations and compliance issues increased, traditional records management failed to keep pace. A more comprehensive platform for managing records and information became necessary to address all phases of the lifecycle, which led to the advent of information governance.

...
Wikipedia