The fact is 90% organizations don’t have proper Data Governance in place. Data Governance department or unit is to handle requirements from regulatory bodies but at the same time, data governance is also keeping balance between Data Asset and Liabilities.
Data governance framework creates a single set of rules and processes for collecting, storing, and using data. In details, it consists of the policies, rules, processes, organizational structures, and technologies that are put in place as part of a governance program throughout the organization.
It’s also considering as a set of principles and practices that ensure high quality through the complete lifecycle, it’s more to business rather than technology. To implement Data Governance in an organization, normally involves the following steps:
– Identify roles and responsibilities
– Define your data domains
– Establish data workflows
– Establish data controls
– Identify authoritative data sources
– Establish policies and standards
Without a robust Data Governance or information security measures within an organization, your business is at a higher risk of security incidents, such as data breaches, cyberattacks, or insider threats, which can result in financial losses, reputational damage, and legal repercussions.
To ensure the data governance that compliance to certain recognizable standards, organizations can incorporate ISO27001 international standard that specifies the requirements for an Information Security Management System (ISMS). Because an ISMS is a framework of policies, procedures, and controls that helps you protect your data from various risks and threats. How can you integrate ISO 27001 into your Data Governance program?
1. Assess your current data state
Before adopting ISO 27001, you can understand your current data landscape and identify the gaps and weaknesses in the data security practices by using data governance maturity model to evaluate your data capabilities and performance across different dimensions, such as data quality, data architecture, data governance roles, data policies, and data ethics. Or you can also conduct a risk assessment to identify the potential sources and impacts of data breaches, leaks, or losses.
2. Define your scope and objectives
The scope defines the boundaries of your ISMS, such as the data types, data sources, data processes, data stakeholders, and data systems that are covered by your ISMS. The objectives are to define the expected outcomes and benefits of your ISMS, such as the level of data protection, compliance, and trust that you want to achieve.
3. Implement your Information Security Management System (ISMS)
After defining your scope and objectives, you need to implement your ISMS according to the ISO 27001 requirements. This involves developing and documenting your data security policies, procedures, and controls that address the specific risks and challenges that you might encounter. You also need to assign roles and responsibilities for data security to your data governance team and other data stakeholders. Moreover, you need to establish mechanisms for monitoring, measuring, and reporting on your data security performance and compliance.
4. Certify and improve your ISMS
The final step is to certify and improve your ISMS. Certification is an optional but recommended process that involves an external audit by an accredited body that verifies that your ISMS meets the ISO 27001 standards. Certification can help you demonstrate your commitment and credibility to your customers, partners, regulators, and other stakeholders. Improvement is an ongoing process that involves reviewing and updating your ISMS based on the feedback, lessons learned, and best practices that you collect from your data security activities.
Data Governance for iNeighbour Analytics
Nowadays, organizations tend to subscribe to applications from SaaS (Software as a Service) providers. SaaS has become the production plant for inputting raw data and generating meaningful data output. It is preferable for the solution provider to offer extended DaaS (Data as a Service). It would be a plus point if the solution provider complies with ISO 27001 certification to ensure data quality and governance for the particular solutions, allowing you to focus on business value and organizational outcomes.
Subscribing to SaaS & DaaS and ensuring data governance compliance can mitigate risk management and data breaches, which are inherently core governance components. These compliances will cover the scope related to the applications you have subscribed to, such as the TimeTec iNeighbour Smart Residential System for your day-to-day residential management.
For your information, TimeTec, the owner of iNeighbour, has been ISO 27001 certified since 2018 and enhanced with ISO 27017 and ISO 27018 in early 2024. The ISO 27017 certification demonstrates cloud service security to users, while the ISO 27018 certification ensures that personal data is processed securely, further boosting customer confidence. Additionally, 2-factor authentication can be implemented as an option, and our yearly penetration test is an extra bonus for customers.
iNeighbour Analytics is available as an optional module for the iNeighbour super app, allowing JMB/JMC/MC/RA/Developers to continue the data journey, saving costs and time without the hassle and need for extensive data lifecycle measures mentioned earlier to maintain data quality. Data quality flows intuitively in a lineage form along with the applications, providing readily prepared templates for easy visualization and benchmark references.
By logging into iNeighbour Analytics, JMB/JMC/MC/RA/Developers and management can obtain a clear picture of their neighborhood activities overview and a single view easily in multiple presentation formats on the web and app, providing all the essentials for building management to improve the health of their property management and better portfolio of their owners and tenants.
iNeighbour Analytics offers instantaneous data crunching and data visualization, providing a 360° view on:
• Units and user analytics
• Occupancy rates
• Accounting analytics
• Outstanding debt analytics
• Facility booking analytics
• Visitors analytics
• Patrol management analytics
• E-info, e-Form analytics
• Maintenance analytics
• Parking analytics
• Feedback/Inquiry analytics
• Admin KPI
• Many more
The Benefits:
– Increase unit owners’ and tenants’ satisfaction
– Detect and remedy blind spots easily
– Better accounting control
– More accurate advice on tenants and residents
– Enhance neighborhood security
– Review and improve property management
– Informed decision-making driven by data
– Boost property value
Why TimeTec iNeighbour Analytics?
• Strong Data Governance with ISO27001, ISO 27017 & ISO27018
• 2-Factor authentication & yearly Pentest for further data security
• Assurance of Data Quality
• Available Web & App visualization
• Affordable DaaS model, no setup cost
• Fast deployment with ready templates
• Detect property management anomalies fast and efficient
• Complete property management activities data consolidation from all sources
• Extendable analytics to next activities for data enrichment
• Achieve data-driven property management strategy
• Prepare for the future: Smart community + AI
Interested in learning more about iNeighbour Analytics and iNeighbour? Request your free demo of the iNeighbour Residential Property Management solution now.