Why a Risk-Based Approach to Data Governance is important:
LogicManager’s Data Governance Solution
Here’s what you’ll get with LogicManager’s comprehensive Data Governance solution package:
- LogicManager allows you to ensure you are up to date with your data governance information through automated tasks to the responsible users.
- Our robust workflow engine allows for a formalized review process. Ensure the appropriate users are being engaged during a review process based on predefined logic.
- We provide out-of-the-box questions for your data inventory that represent the most commonly collected among our customers for their data privacy management programs, and are also important parts of being GDPR/CCPA compliant.
- Through LogicManager’s data repository, facilitate data subject access requests.
- LogicManager’s data mapping allows customers to show which third party vendors are related to each asset the company uses.
- Keep an inventory of vendors to make a proper vendor assessment and create a track record of signed data processing agreements.
- Easily export the governance information you are collecting on your data through our reporting tools. Through different table reports and narrative style reports, you can pull all your data governance information into an overview report, or drill into a specific data set to see further information. These reports are easily exportable and presentable.
What is Data Governance?
The goal of data governance is to ensure that your data is managed appropriately in order to minimize risk (e.g. from letting that data be used to harm the person it is collected on). Proper data governance ensures that access to that data is appropriately managed in order to reduce the risk of misuse, theft or loss.
Data Governance Risks
Avoiding responsibilities when it comes to governing data comes at a cost. Failing to demonstrate that you cannot be trusted with your customers’ data means your reputation suffers, leading to revenue loss or investors pulling out. The See-Through Economy only amplifies this.
Many privacy regulations such as GDPR and CCPA require that you maintain a data repository and have governance around that data. In fact, Article 30 requires companies to produce “records of processing activities,” which will allow regulators to see that companies are – or are not – adhering to the regulation.
Benefits of Investing in Data Governance Software
Protect your customers
If a breach occurs at your organization, having a strong data governance program in place helps as you know what and whose data you have that could have been breached to be able to quickly respond and notify the affected parties.
Maintain an audit trail
Having a centralized repository for managing your data allows you to demonstrate exactly what data you have been tracking across multiple years, and what changes have occurred over time. This gives you a clear audit trail showing evidence to regulators to ensure compliance.
Soft & hard dollar savings
Avoid any reputational damage of data privacy violations and lack of customer trust. This will also help you build trust among your client base and prove that you as an organization can be trusted with their data. You’ll also ensure that you’re avoiding fines and penalties enforced by data privacy regulations. Through the data repository and a clear audit trail, you are providing the necessary evidence for regulators to ensure compliance.
