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Companies today face significant and disruptive challenges, from increased disclosures and obligations in multiple jurisdictions to the ongoing COVID-19 pandemic and its unanticipated effects on business globally. To effectively and transparently manage an organization and ensure it is meeting these challenges, boards need an effective and adaptive corporate governance program. Corporate governance can be enhanced and improved by the explicit integration of a well-conceived information governance program—an efficient and cogent framework for enterprise information management—that will help companies lower risk and enhance their value propositions.

As boards and companies refocus on sustainability, they should look closer at the key areas that would benefit from a strong IG framework, including cybersecurity, regulatory changes, economic uncertainty, business continuity, and enhanced financial reporting. Boards need accurate and timely access to information to meet their responsibilities. As the NACD pointed out in a recent report, information mismatch often occurs between management and boards by not having equal access to internal and external information. With “enhance[d] operating processes,” boards can develop “better situational awareness” with respect to risks. A strong IG framework can provide these processes, and ensure that boards and management have access to the same accurate, reliable, and timely information. It will also provide replicable processes upon which managers and boards can rely, supporting audit responsibilities, improving information access, and becoming more resilient and responsive.

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