The regulatory landscape is complex. Companies in all industries are subject to industry-specific regulations and standards, as well as regional or national regulations. At the same time, digital technologies are introducing concerns about fraud, ethical behavior, and data security. With the growth of big data, social media, cloud computing, and mobile device usage, information governance is a key business imperative with the C-suite.
Global Regulatory Pressures—A Complex Landscape
By some predictions, as many as 20 percent of CIOs in regulated industries will lose their jobs for failing to implement information governance. Connecting information, people, and processes across emerging digital technologies further complicates governance and compliance challenges. If information is an agent of change in the digital world, it has to be managed. Executives and IT leaders will be required to develop and execute strategies for digital information governance.
In a global economy, the impact of regulations has far-reaching consequences. Many organizations have minimal control over their operational systems and business processes that capture data required for compliance and litigation purposes. IT budgets will be required to meet future compliance requirements. But governance is about more than controlling regulatory information, it’s also about enabling a better way to work. When implemented effectively as part of an Enterprise Information Management (EIM) platform, governance helps uncover the value of information for improved operational performance.
OpenText Release 16 offers more comprehensive governance and compliance capabilities. We have set up data zones in the OpenText Cloud according to local laws and regulations. With growing regulations and standards, we are working to deliver compliance for every single one, from SOC 1 and SOC 2 to PCI DSS and HIPAA. This is a strategic decision we have made, and one we can make because we own our own Cloud. With this release, we are not only investing in infrastructure and compliance with regulations and standards, but information governance, compliance, and security. In my next post, I will discuss the changes we’ve made to OpenText Release 16 to help organizations protect their enterprise information.
Find out more: www.opentext.com/16