Here's how you can manage data governance risk by applying logical reasoning.

As a privacy manager, we need to assess 4 types of Privacy Classes (Physical, Teritotrial, Communications, and Informational) during the risk identification in our organisation.

Start by considering the risk framework that is most appropriate to your organization and data management. You cannot realistically identify risks if you don't understand your risk obligations and a framework helps to consider all the topics.

While setting/designing the benchmark for the organisation, we also need to understand the existing culture and privacy maturity model.

A risk based approach to data governance will incorporate a classifications framework. This typically encompasses PII, IP, Reputational and Financial risks. Not all of these will necessarily apply but all are very likely to apply since these classifications apply to private and public sector entities.

Risk focuses on loss or compromise. Accordingly you will want to implement controls and monitors that describe loss or compromise minimization and ownership and accountability. Effectively your risk register, combined with your classifiers will allow you to then prioritize and then evaluate controls and safeguards.

📊 With the proliferation of data sources and formats, organisations face challenges in aggregating and analysing data effectively. Leveraging advanced analytics techniques, such as machine learning and AI, can enhance the effectiveness of data monitoring by enabling the detection of subtle patterns and anomalies that may evade traditional methods.

Monitoring is not enough. An effective risk management program will leverage the framework, combined with classifiers and ownership to establish clear policy and procedure to minimize loss or compromise. There also needs to be the implementation of the policies and procedures and yes, the monitoring of those implementations. However, the monitoring may actually not be monitoring at all, but rather controls review and verification which is a different action with different outcomes.

Quick response is good, but exercising data breach drills regularly is important for the organisation. Also, an effective Business Continuity plan is needed.

🚨 Having a response plan in place is crucial for mitigating the impact of data breaches or compliance issues. However, response plans should be tested and validated through training exercices. This helps ensure that the response team is familiar with their roles and responsibilities, understands the procedures outlined in the plan, and can effectively coordinate their actions during these situations. Additionally, by simulating various scenarios, organisations can identify gaps or weaknesses in their response plans and address them proactively, ultimately minimising disruptions and enhancing their ability to recover from data breaches or compliance issues efficiently.

Data risk management is an ongoing process that requires continuous monitoring and improvement. Organizations should establish and then regularly review and update their risk program. This program should include assessments, mitigation strategies, and security controls to address evolving threats, regulatory changes, and shifts as a part of the data governance program. Risk management needs to be grounded in an understanding of the potentials and the associative consequences.