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answer was “yes, because, fundamentally, our product is information. We
provide liquidity, we provide risk transference, we provide ideas, and we
provide services as well, I guess, but underlying all of that is information.”
Despite all the positive answers regarding the demand of informa-
tion governance in banks, there is an outstanding observation made by
an IT bank executive in Hong Kong: “If banks recognize information as
'the asset,' the absence of information policies or information governance
shows that something is wrong.” here seems to be a paradox here because
while almost all banks recognize information as “the asset,” the vast
majority still does not have specific policies and processes that directly
address the subject.
Implementing IG through an IGF
The bank executives were asked whether they think that an information
governance framework would help banks in their activities. One executive
from a large bank in Brazil gave the following short answer: “I think so.
It's very convergent with our discussions and what we are trying to do.” The
answer from another Brazilian banker was: “I think if you had discussed
it before, since the technological renewal, from the times of technological
evolution, if you had had this guidance … I think you would go in one
direction without losing focus.”
In Hong Kong, an executive said, “The IGF can raise the awareness of
senior management regarding the need for banks to a process by which
they can allocate resources to manage their information. An IGF can
make implementing IG in banks easier.” Another executive agrees with
the framework, but sees the subject of IG as being part of the risk man-
agement area: “I totally agree. We're going in this direction, but we don't
recognize it as an IGF. We're working with risk management.”
In the United States, one executive was very concerned with the costs and
risks: “The rate of consumption is outpacing the reduction in the unit cost
of storage. The legal process is extraordinary expensive and if you know
exactly what information needs to be stored and for how long, the cost can
be cut.” This bank is discovering how to save money by implementing an
IG program. Another very frank answer was given by an American execu-
tive: “I think it can help to simplify and reduce costs and increase security.
However, I think the hurdles to effective IG are very high, because it is a
strategic decision, taken by top management, and not a tactical one.” This is
a very important aspect; it is clear that implementing IG is not an easy task.
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