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21 I L T A N E T . O R G Financial rationale: The dollars and sense of it all Cost savings: Imagine if organizing your organization's records was as smooth as a well-oiled machine. Information governance can cut costs by optimizing data storage and eliminating obsolete systems, allowing for reallocating resources to initiatives that meaningfully propel progress. Efficiencies: But there's more to it than saving money. Streamlining your information not only tidies things up but also speeds up your team. This means rapid access to information, quicker responses, and less time waiting on loading screens. This equips your team with the tools they need to efficiently complete their tasks without being hindered by disorganized data. Revenue generation: Now, let's shift from cost-cutting to revenue-generating. A robust information governance system not only mitigates expenses; it paves the way for new sources of income for your firm. How? By leveraging clean, organized data to offer new client services or to improve existing ones, your organization is the go-to spot for clients who appreciate efficiency and innovation. Risk rationale: Playing it safe with information governance Legal risks: Handling information comes with significant risks; a mishap could result in more than embarrassment— it might also trigger severe legal complications. Information governance guides you through the complexities of legal requirements, keeping your organization on the right side of the law and out of the hot seat. Operational risks: It's not all about the law, though. Operational hiccups can slow your organization down or even grind things to a halt. Good information governance means having solid plans and processes in place so that when things go sideways, you're ready to handle it without missing a beat. This resilience is what keeps the firm running smoothly, rain or shine. Risk avoidance: Steering clear of stormy seas Dodging compliance slip-ups is key. Effective information governance helps to spot potential legal issues. Proactive information governance aids in identifying potential legal challenges early. By spotting these issues before they blow up, you can navigate safely, keeping costly legal battles and fines just a blip on the radar. Risk mitigation: When you can't avoid, you adapt Sometimes, no matter how sharp your radar is, a storm hits. That's where risk mitigation comes into play. It's your plan B, your safety net. With information governance, you've got the procedures and policies in place to minimize damage. Interconnection of financial and risk rationales Here's the thing Hockey says: "Money matters and risk management are two sides of the same coin. When you "Proactive information governance aids in identifying potential legal challenges early."

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