University of Cumberlands ITS 833: Information Governance Project

This project outlines the implementation of information governance within Insurance Assurance of the South (IAS), a mid-sized insurance organization. It discusses the importance of information governance in insurance companies, highlighting the roles of organizations like ARMA International and federal agencies in providing oversight and regulation. The project details steps for implementing an information governance program, including setting goals, documenting policies, and assessing objectives. It also addresses the federal and state laws, specifically in Kentucky and California, that influence the insurance industry, covering aspects like taxation, annual reports, licensing, capital requirements, and ethical conduct. The project emphasizes the need for compliance with these regulations to avoid penalties and ensure the integrity of operations.

Running head: RESEARCH PROJECT
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RESEARCH PROJECT 2
Table of contents
Overview of the information governance………………………………………………………3
Implementation of information governance……………………………………………………4
Federal laws that the information governance need……………………………………………4
Other state federal laws that the information governance needs……………………………….5
References………………………………………………………………………………………7

RESEARCH PROJECT 3
Overview of the information governance
Information governance in insurance company refers to the policies, structures, and
procedures that the authority has laid down for the insurance companies to stick on while they
are collecting, organizing and utilizing customers’ datai. The goal of information governance in
the insurance company does not only aim at serving customers effectively but also ensuring that
the customers’ data are well protected from any risk. From the research, the first agency that has
stepped in to provide oversight and regulation with regards to information governance in an
insurance company is the ARMA international which is a company that gives an overview on
what the insurance companies should adhere to during its operation. Apart from that, the
company has a list of activities that relate to information governance in insurance companies.
The second organization is the federal agency of the United States. The agency comprises of
various organizations that work together to ensure that the insurance companies adhere to
information governance.
From the research, one of the evident best practice is the quality management transaction
audit. The best practice above aims at checking that every person in the insurance company is
playing his or her role effectively. For example, the client to the insurance company should be
getting the information regarding their status promptly. However, if there is an employee who is
giving others a lot of workloads, it is necessary to conduct training on the same matter. When it
comes to model, the company make use of the information governance model to illustrate a
different operation to all stakeholders in the company.

RESEARCH PROJECT 4
Implementation of the information governance
In implementing information governance in Insurance Assurance of the South, there are
some steps that the company need to follow. The first step in the implementation is to come up
with an information governance program that IAS need to have. However, the framework must
have useful activities for the organization and even proven with the stakeholders of AIS. Besides
the acceptance, the structure should also be in line with AIS goals.
Generally, the planning process will start with the setting of the goals the information
governance needs to achieve. The goals should consider factors such as legal matters, business
risks, and other regulatory matters. At this preliminary point, the stakeholders can do away with
issues that do not align with the goal of the company. After identifying the specified purpose, the
next step is to document the policies of the information governance. At this point, the
implementation team defends the goals they determined at the initial stage to ensure that no one
raises a lot of questions which they may not have answers for the same. After, the documentation
the next step is to assess the objectives of AIS at the currently about those of the information
governance. The goals should assist the organization to achieve whatever it needs during that
period. However, if there is disagreement, the stakeholders should correct the issue at this
moment. The last step is to come up with a plan that will assist the information governance to
influence the company positively.
Federal laws the information governance requires
Before implementing information governance in Insurance Assurance of the South, the
implementation team must consider federal laws that influence the insurance industry. Even
though every state has its laws when IAS is located in Louisville, Kentucky and must observe its

RESEARCH PROJECT 5
rules. The first requirement is that the company will have certain pay amount of money as tax.
Therefore, while beginning the process, stakeholders must set aside that particular amount of
money. The second regulation is that will require an annual report from the company. For
example, it can be a report concerning the financial data, the way the company has been
collecting money and the way they are spending it. Another legal issue with the insurance
company is to determine whether it needs to do some business within the stateii. If the company
intends to do other business, they must seek support from the state authority after which it will be
listed as the admitted insurer. However, the company should ensure they do not carry out any
other business apart from what they have received a license for from the authority.
There is another issue of capital. State agency always set a certain amount of money for
every insurance company before they get a license to operate in the state. Members of IAS
should check the amount the authority requires and have it on hand. Lastly, if the organization
would like to run another branch, the stakeholders must teach the employees at the department to
maintain ethics and carry out professionally.
Other state federal laws that the information governance will need
Apart from Kentucky, Insurance Assurance of South would also operate in California as
another federal state. However, it will be important is the company abide by the laws of the
country apart from those of Kentucky. The first regulation in California is that, if the insurance
company engages in fraudulent activity, the state will penalize the organization. It is therefore
essential for the insurance company to abide by that regulation. Apart from the penalty, the
country risk some punishment such as suspension of the license of the company. When
operating, it will be important for the company to employ an electronic system to have all the

RESEARCH PROJECT 6
records of the transactions. In case there an issue, the industry can confirm the records of the
operation.
Another crucial problem that the company will abide by is that they will always seek the
approval of the state concerning the matters of the rates. Insurance companies have different
standards, but before the implementation of those rates, the state authority must approve them
before they start working on the customers. Lastly, California requires accountability of every
member working in the insurance company. If any member embezzles funds, he or she should be
ready to carry the cross. The action that can help the company in such a situation is to ensure that
they employ people who maintain a high level of ethics to avoid any penalty from the state
insurance regulatory body.

RESEARCH PROJECT 7

i Rasouli, Eshuis, Trienekens, Kusters, & Grefen, (2016, October)
ii Smallwood, (2014)
References
Rasouli, M. R., Eshuis, R., Trienekens, J. J., Kusters, R. J., & Grefen, P. W. J. (2016, October).
Information governance as a dynamic capability in service oriented business networking.

In Working Conference on Virtual Enterprises (pp. 457-468). Springer, Cham.
Smallwood, R. F. (2014). Information governance: Concepts, strategies, and best
practices (Vol. 574). John Wiley & Sons.