1. In order to interpret the Information Governance Reference Model (IGRM) diagram. It is recommended that we start from the outside of the diagram. Briefly name three (3) components required

The three phases that led to the rebirth of the Navy Yard include the clean phase, build and maintain phase, and monetize phase. The clean phase involved surveying the site to find out what had value and what did not (Smallwood, 2014). It entailed the determination of rotting unstructured information, duplicate information, information that had not been accessed for years, information that no longer supported business processes, and that which the enterprise lacked legal obligation to keep.

The build and maintain phase involved avoiding past mistakes by ensuring that an information governance program that establishes information constitution, laws, and regulations is put in place. A corporate governance, compliance, and audit plan was established as well as a technology infrastructure to make the program real and effective (Smallwood, 2014). A defensible program ensures that the enterprise complies with laws and effectively manages regulatory risk.

The monetize phase recognized that information governance is a means to an end, which is the creation of value. In formation governance also mitigates risks and reduces costs, but creating value is the driving force (Smallwood, 2014). This phase seeks to create value through information, such as driving sales and improving customer satisfaction, and increasing margins.

Reference

Smallwood, R. F. (2014). Information governance: Concepts, strategies, and best practices. Hoboken, NJ: Wiley & Sons, Inc.