Part of:Prioritize information governance in content management
Compare information governance vs. records management
Information governance focuses on the framework organizations follow to manage information, whereas records management centers around the lifecycle of digital and physical records.
Information governance and records management are two important practices that help organizations manage their information and adhere to industry standards and regulations.
Although both practices minimize data risks and optimize content value, they are different. Records management focuses on the lifecycle of records, which are documents that have persistent organizational value, such as those from business transactions. Information governance focuses on the structures, policies and procedures an organization requires to successfully manage all its information. Key differences between these practices include their scope, goals, roles and responsibilities.
Understanding the differences between information governance and records management can help organizations find the right mix of tools and processes for their specific needs.
What is information governance?
Information governance is the framework to manage information and ensure compliance with industry regulations. It consists of the processes, roles and standards a company must follow as it creates, stores and organizes documents, records and other company information.
Information governance ensures that businesses manage all data consistently and makes it easily accessible to employees. It also helps organizations identify unnecessary information they can remove from storage to free up space, reduce storage costs and avoid compliance failures.
Companies often realize they need information governance when they face a major event, such as a lawsuit or compliance audit.
As technology has advanced, businesses have gathered larger amounts of customer data, including personally identifiable information (PII). With a proper information governance plan, organizations can ensure workers destroy PII when they no longer need it. Additionally, organizations in highly regulated industries, such as energy and financial services, must create annual compliance reports to show regulators they followed the rules.
Companies often realize they need information governance when they face a major event, such as a lawsuit or compliance audit. Organizations that think of information governance so late in the game put events at risk and increase the odds of data loss and leakage or retention issues.
Some companies have chief information governance officers who oversee information governance programs. The CIGO develops, manages and enforces the information governance program. This role typically creates an advisory board with representatives from the business, IT, general counsel and compliance to plan and execute the strategy.
Information governance is an umbrella term that includes records management and information security.
What is records management?
Records management is the way a business manages its digital and physical records throughout various stages of their lifecycle, from creation to disposal. Some people think digital transformation has made paper records obsolete, but many companies still maintain both digital and physical documents.
Organizations might store digital records in on-premises or cloud-based enterprise content management systems, while they might store physical records in boxes or storage facilities. Government agencies often require physical records to serve all people, including those who cannot -- or choose not to -- use digital options. Some governments also require the retention of certain physical documents, such as financial records, by law for extended periods of time, depending on the industry.
Many organizations maintain a hybrid records management model, which includes maintenance for physical and digital records. Digital records management uses automated metadata tagging, as well as file naming and folder structuring standards to improve efficiency and findability. Organizations can also digitize physical records to access them with a document management system, such as Microsoft SharePoint Online, M-Files or Revver.
While records managers typically handle records management operations, the CEO or CFO often takes overall responsibility. IT and compliance teams also play central roles in records management.
Records managers collaborate with IT, business, legal and finance teams to define processes for managing business information, including where the organization stores it and how long to keep it. Through this enterprise-wide collaboration, record managers also educate employees on proper records management policies and procedures.
Records management defines how organizations manage records from creation to preservation.
4 differences between information governance and records management
Elements of information governance overlap with records management, but these practices differ in key areas.
1. Scope
Information governance is an umbrella term that defines all processes and frameworks a business must follow for information management. Records management falls under that umbrella as one piece of information governance.
Information governance's scope covers all the structured data -- often in databases -- and unstructured data, often in Microsoft 365 files, that an organization creates or gathers. It considers how that content plays into the overall success of the entire organization. Records management, on the other hand, focuses narrowly on what happens to records throughout their lifecycles.
2. Goals
Information governance aims to maximize the business value of information, while minimizing security, privacy and compliance risks. It ensures employees can easily access information and helps them most effectively use storage.
Records management focuses on the systematic management of records -- from creation and storage to retention and disposal. This ensures organizations store records, such as contracts and invoices, securely and in accordance with regulations such as the Sarbanes Oxley Act. Records managers use retention schedules, which define how long organizations can store different types of records, to maintain compliance with these regulations.
3. Roles
Information governance often includes the roles of CIGO, chief data officer, chief compliance officer and chief information security officer (CISO). Sometimes, one or more of these roles -- especially the CISO -- reports to the IT department.
Records management roles primarily include records managers, who might specialize in legal, financial, HR or engineering records. They typically report to the information governance team.
4. Responsibilities
Information governance teams determine how their organizations can most effectively gather, store and dispose of information. They also must find ways to minimize data security and privacy risks, such as data loss, exfiltration and corruption.
Records managers have a responsibility to create, maintain and train colleagues on processes and procedures for records management lifecycles. They must ensure records align with retention schedules to limit any potential risk. Additionally, they must determine which documents are worth the cost and risk of retention, and when to archive documents into more secure facilities or systems.
Editor's note: This article was originally written in 2020. It was updated and expanded by Jordan Jones in 2024.
Jordan Jones is a writer versed in enterprise content management, component content management, web content management and video-on-demand technologies.
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