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Calming the Data Storm: A Risk Management Model for Mitigating Risks

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Establishing a sound records management program in today's environment requires not only a thorough understanding of the fundamental records management principles but also the legal, regulatory, financial, and operational requirements of the organization. To effectively manage and establish records management controls, organizations should consider conducting a comprehensive risk assessment of their records management controls to gauge how effective the controls are and to identify and analyze any gaps. A six-step model for assessing records management controls: 1. Determine records management risk. 2. Determine probability. 3. Analyze and determine criticality. 4. Determine risk mitigation. 5. Establish risk controls. 6. Measure effectiveness and monitoring. Applying the risk model in a methodical and systematic way will ensure success and relevant return on investment. Following are tips for applying the model: 1. Socialize risk concepts early in the records and information management cycle. 2. Look past the obvious risks. 3. Clearly articulate risk definitions in lay person terms. 4. Avoid over-engineering.

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