Information governance and organization performance

Co esponding au ho : Adeyeba Adedamola Micheal
Copy igh © 2025 Au ho (s) e ain he copy igh o his a icle. This a icle is published unde he e ms o he C ea i e Commons A ibu ion License 4.0.
In o ma ion go e nance and o ganiza ion pe o mance
Adeyeba Adedamola Micheal *
Facul y o business and law, Leices e cas le business school, De Mon o Uni e si y, UK.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(03), 050-074
Publica ion his o y: Recei ed on 13 July 2025; e ised on 29Augus ; accep ed on 01Sep embe 2025
A icle DOI: h ps://doi.o g/10.30574/wja .2025.27.3.3019
Abs ac
The mos aluable i em ha any company can own is in o ma ion (Pay 2016) and a ies om o ganiza ion o
o ganiza ion, whe he p i a e o public. How well an o ganiza ion is able o handle i s in o ma ion is cen al o i s
pe o mance. In p inciple, an o ganiza ion's s eng h lies on he way in o ma ion is u ilized, o example, managemen
choices, ma ke ing plans, cus ome in e ac ions and pos -sales se ices a e hinged on in o ma ion since i is a s a egic
asse (Daneshmandnia, 2019). The signi icance ole o insu ance companies o he economy is huge. The isk bea ing
and he in es men p omo ions objec i es coupled wi h he cen ali y o in o ma ion as a c i ical asse s p omp ed he
in es iga ion on in o ma ion go e nance and i s impac on pe o mance. The In o ma ion Go e nance Ma u i y Model
(IGIM) de eloped by ARMA is used in his s udy o se e as a benchma k o bes p ac ices o in o ma ion go e nance
ma u i y o insu ance o ganiza ion along wi h impac o his on asse u iliza ion o each insu ance o ganiza ion.
Keywo ds: In o ma ion go e nance; O ganiza ional pe o mance; Insu ance companies; In o ma ion Go e nance
Ma u i y Model (IGIM); Asse u iliza ion
1. In oduc ion
A company's con ibu ion in e e y coun y is essen ial o he g ow h and hence economy o a na ion. In pa icula , he
insu ance indus y is an icipa ed o be he leade in managemen o isk in Nige ia (Ajao and Ogie iakhi 2018) since i
plays a key ole in he economy in he a eas o isk bea ing and ax paymen , e ec i e u iliza ion o esou ces, educ ion
in ansac ion cos s, p omo ion o in es men and inancial was e alloca ion (Opeyemi, Popoola and Yahaya 2020). In
addi ion o main aining inancial s abili y, insu ance companies make majo con ibu ions o he inancial
in e media ion chain and p o ides a quick sou ce o long- e m inance o in as uc u e p ojec s (Augus ine &
Nwameka, 2011). These signi ican oles o he insu ance sec o make i an in e es ing ield o s udy i s pe o mance.
The e a e a ious aspec s o he pe o mance o an o ganiza ion. How well an o ganiza ion is able o handle i s
in o ma ion is cen al o he lis o hese elemen s. Undoub edly, he mos aluable i em ha any company can own is
in o ma ion (Pay 2016) and a ies om o ganiza ion o o ganiza ion, whe he p i a e o public. I can be iewed as
da a ( o be kep and e ie ed), as a esou ce ( o be duplica ed and sold), as a p ocess (communica ion), as imp o ed
s udy esul s (knowledge), and as echnology ( he ha dwa e and he sys em) (Nolin 2010). In p inciple, an
o ganiza ion's s eng h lies on he way in o ma ion is u ilized, o example, managemen choices, ma ke ing plans,
cus ome in e ac ions and pos -sales se ices a e hinged on in o ma ion since i is a s a egic asse (Daneshmandnia,
2019). The ele ance o in o ma ion in businesses has g ea ly inc eased he need o i s go e nance (Luna di, 2014).
Mode n companies gene ally su i e and h i e om cus ome da abases o p i a e p oduc , se ice, so wa e and
algo i hms in o ma ion. While an o ganiza ion's in ellec ual p ope y in o ma ion, clien lis s, cus ome and employee
in o ma ion, and o he da a exis , s o age space o ha da a has been e y inexpensi e and easy o come by (Pay 2016).
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Ne e heless, he global inc ease in olume o in o ma ion and s o age o da a has esul ed in o inc ease in s o age cos
(Ragan 2013).
The bi h o in o ma ion go e nance (IG) a ose om he ailu e o adi ional eco ds managemen o keep up wi h he
explosion o da a in ecen imes (IGI Repo , 2014), in addi ion o he ise o ules and compliance challenges. Acco ding
o CIO, In o ma ion go e nance is eally he p ac ice o pu ing in place measu es o mi iga e he isk. o ganiza ions
wi h good in o ma ion go e nance p og ams should unde s and: Wha in o ma ion is e ained, whe e i is s o ed, how
long i is e ained, who has access o i , how in o ma ion/da a is p o ec ed, how policies, s anda ds and egula ions a e
used. In addi ion, on how o ganiza ion can make in o ma ion sus ainable by ensu ing economic iabili y and
en i onmen al p o ec ion in he li ecycle o in o ma ion (Ragan 2013). Thus, o co e all phases o he li ecycle, a mo e
comp ehensi e amewo k o managing eco ds and in o ma ion became necessa y. This p ocess is go e ned by ules,
p ocedu es and p o ocols o gua an ee ha in o ma ion asse s a e e ec i ely and e icien ly used o mee he
o ganiza ional objec i es (de Ab eu e al., 2013). Each o ganiza ion is di e en howe e , he in o ma ion go e nance
amewo k o en has a compa able ad an age.
Acco ding o Ea ley (2016), inaccu a e in o ma ion and comple eness inc eases ope a ing cos s while in o ma ion
go e nance is said o help moni o he sa e y o in o ma ion and ensu es compliance wi h i . As a esul , e ec i e
in o ma ion go e nance (IG) p og ams a e needed o imp o e o ganiza ional pe o mance and compliance capabili ies
especially in he inancial sec o while le e aging in o ma ion as an asse o maximize hei alue and educe cos
(Smallwood, 2020).
In insu ance ins i u ions, e ec i e in o ma ion go e nance (IG) is needed o imp o e ope a ional pe o mance and
compliance capabili ies while le e aging in o ma ion as an asse o maximize hei alue (Smallwood, 2020). This
p ocess is managed by policies, s anda ds and p ocedu e o ensu e a ec i e and e icien use o in o ma ion asse o
achie e o ganiza ion goals. Each o ganiza ion is di e en , bu in gene al he F amewo k o in o ma ion go e nance
achie e simila ad an age (Ragan 2013). O ganiza ions a e using in o ma ion go e nance echniques in maximizing
hei po en ial o each mo e cus ome s, in oduce new p oduc s and se ices quickly, and collabo a e wi h supplie s
and business pa ne s om all o e he wo ld (Shaqi i, 2015).
The use o he In o ma ion Go e nance Ma u i y Model (IGIM) de eloped by ARMA in his s udy, among o he ma u i y
index is due o i s high-le el documen ing guideline o excellen p ac ices i o e s (Hagmann 2013). The pu pose o
his ma u i y model is o measu e o ganiza ional pe o mance in he a eas o in o ma ion go e nance p og ams and
how success ully in o ma ion go e nance is implemen ed a di e en ma u i y le els being subs anda d le el,
de elopmen le el, essen ial le el, p oac i e le el and ans o ma ional le el (ARMA 2021).
1.1. S a emen o P oblems
Mos o ganiza ions in Nige ia ha e closed down due o poo pe o mance which a e mos ly a ibu ed o poo
in o ma ion asse s u iliza ion (Akinleye and Dadepo 2019). Due o he inc ease in da a gene a ion in ecen imes, and
peculia challenges o da a/in o ma ion b eaches, new egula ions, o ganiza ions a e inding i di icul o manage
in o ma ion /da a wi hin he in o ma ion li ecycle amewo k (de Ca alho e al., 2020).
When i ms a e inadequa e in hei in o ma ion adminis a ion, he e a e pe cei ed obs acles (Agbolade, 2011).
In o ma ion go e nance is he main d i e o o ganiza ional lea ning. Simila ly, co po a e cul u e de e mines alues and
con ic ions. The necessi y o manage and p io i ize in o ma ion app op ia ely is ele an o imp o ing businesses'
pe o mance. On he one hand, pe sonnel compliance le el in insu ance ins i u ions a e pe cei ed o be on he lis o
p io i y o ganiza ions should conside o ob ain a sus ainable business (Edwin, 2014). Issues o sus ainabili y o
compliance is also a challenge ha equi e u gen a en ion. Failu e o comply wi h in o ma ion p i ilege ins uc ions
may jeopa dize he in eg i y o in o ma ion which may amoun o al e ing he o ganiza ional cul u e (Daneshmandnia,
2019).
In addi ion, i has also been epo ed ha mo e han 70 pe cen o he de ec ion o cus ome s in he inancial se ices
sec o is due o dissa is ac ion wi h he quali y o se ices deli e ed (Some s and Gup a, 2013). This is clea ly a challenge
o in o ma ion go e nance. O ganiza ions a e also exposed o loss o in eg i y wi hou dependable isk managemen
policies in pace. Hence, he isk o hacke s, denial o se ice a acks, echnological ailu es, b each o p i acy o cus ome
in o ma ion, and oppo uni ies o aud c ea ed by he anonymi y o he pa ies o elec onic ansac ions all ha e o
be managed (Kagoda, 2011).
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Wi hou e ec i e in o ma ion go e nance, i ms in he insu ance indus y will su e om ine iciency o ope a ing
cos s, inaccu acy o in o ma ion quali y, ailu e in compe i i eness, inco ec es ima ion o p ojec cos s, ine icien
pe o mance o in o ma ion di isions o he en i e o ganiza ion; hese issues will educe he pe o mance o he i m
(Salehi e al., 2021) and consequen ly, he whole economic g ow h in Nige ia. Thus, he s udy in es iga es he impac o
in o ma ion go e nance on o ganiza ion pe o mance using he insu ance indus y as a case s udy.
1.2. Resea ch Ques ions
The ollowing esea ch ques ions we e aised o guide he conduc o his esea ch:
• Wha is he ex en o adop ion o in o ma ion go e nance p inciples among insu ance companies in Nige ia?
• Wha is he ma u i y le el o in o ma ion go e nance p ac ice among insu ance companies in Nige ia?
• Wha is he impac o adop ion o in o ma ion go e nance p inciples and ma u i y le el on pe o mance o
insu ance companies in Nige ia?
1.3. Aim o he S udy
The main aim o his s udy is o e alua e he impac o o ganiza ion in o ma ion go e nance on he pe o mance o he
o ganiza ion.
1.4. Objec i es o he S udy
The speci ic objec i es a e: I. To e alua e he ex en o adop ion o in o ma ion go e nance p inciples among insu ance
companies in Nige ia. II. To iden i y he ma u i y le el o in o ma ion go e nance p ac ice among insu ance companies
in Nige ia. III. To e alua e he impac o adop ion o in o ma ion go e nance p inciples and ma u i y le el on
pe o mance o insu ance companies in Nige ia.
1.5. Hypo heses
H01: The e is no adop ion o in o ma ion go e nance p inciples among insu ance companies in Nige ia. H02: The e is
no signi ican a ainmen o ma u i y le el o in o ma ion go e nance p ac ice among insu ance companies in Nige ia.
H03: The e is no signi ican impac o adop ion o in o ma ion go e nance p inciples and ma u i y le el on pe o mance
o insu ance companies in Nige ia.
1.6. Scope o he S udy
The s udy ocuses on he insu ance indus y. Speci ically, he composi e insu ance consis ing o 14 companies is
conside ed o he s udy since hey a e no new o he indus y, and because hey a e all in ol ed in bo h li e and non-
li e insu ance; i is belie ed ha hese companies should ha e a s ong wo king unde s anding o he ad an ages and
d awbacks o he esea ch opic. The composi e insu ance companies a e: AIICO Insu ance Plc, AXA Mansa d Insu ance
Plc, Co ne s one Insu ance Plc, Allianz Insu ance Plc, Goldlink Insu ance Plc, G ea Nige ia Insu ance Plc, Indus ial and
Gene al Insu ance Company Plc, Lasaco Assu ance Plc, Leadway Assu ance Company L d, Nicon Insu ance L d, Nige
Insu ance Plc, Nsia Insu ance L d and Alliance & Gene al Li e Assu ance Plc. The uni o analysis a e iden i ied o be
employees in cha ge o s o age and e ie al in o ma ion and da a secu i y, p ima ily he IT Manage s in hese
companies.
1.7. Signi icance o he S udy
Businesses play a c ucial ole in any coun y's economic success (Ahmed, Ahmed & Usman, 2011; Ajao and Ogie iakhi
2018). IG is belie ed o boos ope a ional pe o mance and compliance skills while exploi ing in o ma ion as an asse
o op imize hei wo h in insu ance i ms (Smallwood, 2020). In o de o ensu e e ec i e and e icien use o
in o ma ion asse s in o de o mee o ganiza ional goals, he p ocess go e ned by policies, s anda ds and p ocedu es
has o be moni o ed and e alua ed. The impo ance o in o ma ion go e nance amewo k lies in i s in eg a ion o
in o ma ion pe o mance wi h business alue c ea ion and alue c ea ion op imizes isk while a he same ime
op imizing esou ce cos s (Saleh e al, 2021). The s udy is hus bene icial o he managemen o insu ance companies
and hei egula ing bodies as i will in o m hem on he ela ionship ha exis be ween in o ma ion go e nance and
pe o mance o o ganiza ion. The s udy will in o m o ganiza ions abou he impo ance o imp o ing in o ma ion
go e nance p inciples and assis he in o ma ion echnology (IT) manage and he chie in o ma ion o ice s (CIO) o
he insu ance company o choose he igh amewo k o be adop ed o measu ing ma u i y index. Fu he mo e, he
s udy will con ibu e o he exis ing li e a u e on in o ma ion go e nance and o ganiza ional o pe o mance.
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2. Li e a u e Re iew
2.1. In oduc ion
This chap e p esen s he concep ual amewo k and also he heo e ical amewo k ha unde pins he a iables unde
s udy. The concep s o o ganiza ional pe o mance and in o ma ion go e nance a e ex ensi ely discussed and he
heo y is Agency heo y ha explains he ela ionship be ween he sha eholde s and mange s in an o ganiza ion.
2.2. O ganiza ional Pe o mance
Resea che s ha e p oposed di e en meanings o depic o ganiza ional pe o mance. Gene ally, o ganiza ional
pe o mance is an assessmen o he ac ual ou come o esul s o an o ganiza ion measu ed agains i s an icipa ed aims
and objec i es (Salehi e al., 2021). The pe o mance o an o ganiza ion e lec s how e ec i ely i has been u ilizing and
managing i s esou ces (Daneshmandnia, 2019). Acco ding o Tahi (2020), he manage s and di ec o s o o ganiza ion
should be held accoun able o he managemen o esou ces, hence he need o measu ing o ganiza ion pe o mance.
I is equen ly emp ing o le hings go e e y yea because he o ganiza ion is busy o e ing se ices and belie es ha
i s objec i es mus be me . This s a egy igno es he e ec i eness o se ices and equen ly esul s in businesses
se ing hemsel es a he han hei cus ome s.
Un o una ely, he e is no single app oach o execu e o o es ablish s anda ds o pe o mance me ics. Acco ding o
Richa d e al. (2009), o ganiza ional pe o mance can be e alua ed conside ing h ee speci ic a eas o he o ganiza ion:
he inancial, p oduc and sha eholde e u n. Luo e al. (2012) epo ed, a e conduc ing a sys emic e iew, ha
pe o mance can be e alua ed in e ms o economic and ope a ional pe o mance. This was in ag eemen wi h Ghouma,
BenNas and Yan (2018) who s a ed ha i is i al o conside bo h inancial and non- inancial measu es o enable
co ec e alua ion o o ganiza ional pe o mance. In addi ion, a balance sco eca d inco po a ed wi h non- inancial
elemen s (Co mie , Gu ie ez and Magnan 2020) has been de eloped in o an in eg a ed managemen and s a egy
planning sys em om a simple pe o mance measu ing amewo k o measu e an o ganiza ion's pe o mance (da Sil a
e al., 2019). Howe e , he essen ials s ill emain he same: he pe o mance me ics a e used o moni o , e alua e and
es ablish he (i) app op ia eness o he o ganiza ion's se ices; (ii) e ec i eness and impac o clien s and he
communi y; and (iii) e iciency o he o ganiza ion (Gup a and Pal 2020). The i s conside a ion in choosing he
o ganiza ional pe o mance app oach o be used is dependen on he pu pose o conduc ing such pe o mance (Tahi
2020). Whiche e e alua ion app oach an o ganiza ion decides o implemen , pe o mance indica o s a e equi ed o
assess wha ou comes a e being achie ed.
Fo he pu pose o his s udy, he inancial pe o mance and balance sco eca d a e employed o in es iga e he
o ganiza ional pe o mance o insu ance companies. Ongo e and Kusa (2013) measu ed he abili y o he bank's
managemen o gene a e income by u ilizing company asse s a hei disposal; in he same ein, his s udy is o measu e
he o ganiza ion managemen o in o ma ion o a ain ma u i y le el. The use o balance sco eca d, speci ically he
ma u i y index is o asce ain he ma u i y le el (pe o mance) o o ganiza ion as i ela es in o ma ion go e nance. I
means each s a membe who pe o ms he majo unc ions mus measu e hei job pe o mance pa icula ly hei
con ibu ion o he goals o he i m in he aim o inc ease he p o i abili y and weal h o he sys em (Abdollahbeigi and
Salehi 2019). In addi ion, inancial pe o mance using asse u iliza ion a io is conside ed o he s udy since
in o ma ion is conside ed an asse . Mos o ganiza ions in Nige ia ha e closed down due o poo pe o mance which a e
mos ly a ibu ed o poo asse s u iliza ion and insol ency (Akinleye and Dadepo 2019). Asse s u iliza ion e e s o he
a io o he o al e enues ea ned di ided by o al asse s owned by he company (Buki , Ha yan o and Gin ing 2018).
The a gumen o his s udy is ha e ec i e in o ma ion go e nance will imp o e asse u iliza ion and ice e sa.
2.3. In o ma ion Go e nance
Any mode n-day o ganiza ion elies hea ily on in o ma ion which is conside ed a s a egic asse (Babayan s, 2018); he
consis ency, accessibili y and p o ec ing abili y o his asse de e mines he success o ailu e o an o ganiza ion. The
mos c ucial aspec o a success ul in o ma ion managemen p og amme is a s a egically de eloped amewo ks
(known as in o ma ion go e nance), which desc ibe how in o ma ion is con olled, accessed and used (Babayan s
2018).
A majo con ibu o in he ield o in o ma ion go e nance, IG, acco ding o Ga ne , is a amewo k o oles and du ies,
decision - making p ocedu es, and accoun abili ies in he ga he ing, p ocessing, s o age, u iliza ion, a chi ing, and
dele ion o da a (Ga ne , 2009). Acco ding o CIO epo , In o ma ion go e nance is eally he p ac ice o pu ing in
place measu es o mi iga e he isk o losing in o ma ion (Logan, 2010). O ganiza ions wi h good in o ma ion
go e nance p og ams should unde s and: Wha in o ma ion is e ained, whe e i is s o ed, how long i is e ained, who
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has access o i , how in o ma ion/da a is p o ec ed, how policies, s anda ds and egula ions a e used (Robinson 2021).
Koope e al., (2011) de ined in o ma ion go e nance as 'a amewo k o op imize he alue o in o ma ion in some
sense o he ac o s in ol ed'. In his wo ds, Hagmann (2013) desc ibed IG as ' he a o es ablishing a us ing
ela ionship be ween an IG p og am's main s akeholde s (IT Business, Legal and Compliance, RIM, Secu i y and
P i acy). They wan o wo k oge he o educe business in o ma ion isks while inc easing he alue o in o ma ion
asse s by os e ing desi ed beha io s and acili a ing c oss- unc ional decision making' (Hagmann, 2013). Babayan s
(2018) in his own wo ds de ined in o ma ion go e nance as "e ec i e con en con ols, allowing all in o ma ion o be
secu ely and p ope ly sha ed ac oss depa men s, geog aphic loca ions, and sys ems". The impo an in o ma ion
go e nance amewo k in eg a es he in o ma ion pe o mance wi h business alue c ea ion and says alue c ea ion
op imizes isk while a he same ime op imizing esou ce cos s (Saleh e al, 2021). Koope e al., (2011) is o he opinion
ha in o ma ion alue canno be le ou in he amewo k o in o ma ion go e nance since i de e mines he success
o an in o ma ion go e nance.
Ga ne (2009) p o ides a clea message in his espec :
"Good go e nance has gene al aims o inc ease decision-making speed and e ec i eness (e iciency), maximize
in o ma ion in e ms o alue gene a ion and dec ease company o o ganiza ion expenses and haza ds. Being a subse
o co po a e go e nance, in o ma ion go e nance should no be hough o as pa o "IT go e nance." Why? Because
his app oach suppo s he idea ha IT is esponsible o in o ma ion. This is no . I is no . In o ma ion adminis a ion
is NOT he IT p o ince o a leas no he IT p o ince alone" (Ga ne 2009).
In o ma ion go e nance spans bo h business and echnology and no only he unc ion o he in o ma ion echnology
g oup (Ianna elli and O'Shaughnessy 2014). I is a base-le el managemen unc ion, much like human esou ces o
inance. The policy on da a gene a ion and use wi h an o ganiza ion ac ually se es as a co po a e unc ion wi h i s
p ima y di ec i e. I is a key pa o an o ganiza ion's awa eness ha in o ma ion go e nance should be seen as a
con inuous o ganiza ional unc ion in line wi h accoun ing o ma ke ing (Gio dano 2014).
The o ganiza ion is p o ec ed and e icien by a p ope ly es ablished and managed in o ma ion go e nance p og am.
In o ma ion managemen goes beyond sol ing an IT p oblem o inding a comp ehensi e solu ion o IT h ea s, i a he
deals wi h ine iciency educ ion and p epa a ion o he u u e o in o ma ion (Ianna elli and O'Shaughnessy 2014). I
helps manage p oblems o compliance and migh be c ucial o he de ense o li iga ion (Ea ly 2017).
(Gio dano 2014)
Figu e 1 The business and echnology d i e s o in o ma ion go e nance
Some s and Gup a (2013) indica ed ha mo e han 70% o cus ome s' swi ch is ela ed o dissa is ac ion wi h he
quali y o se ices o e ed in inancial se ices which is a ibu ed o lack o in o ma ion go e nance (Alawode and Kaka

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2011). Acco ding o Ea ley (2016), inaccu a e in o ma ion and comple eness inc eases ope a ing cos s while
in o ma ion go e nance is said o help moni o he sa e y o in o ma ion and ensu es compliance wi h i . As a esul ,
e ec i e in o ma ion go e nance (IG) p og ams a e needed o imp o e o ganiza ional pe o mance and compliance
capabili ies especially in he inancial sec o while le e aging in o ma ion as an asse o maximize hei alue and educe
cos (Smallwood, 2020).
2.3.1. Di e ences be ween IT go e nance, da a go e nance and in o ma ion go e nance
Many i ms ac ually ail o di e en ia e be ween IT go e nance, da a go e nance and in o ma ion go e nance
(Hagmann 2013). Ga ne , while esponding o his s a ed ha " o good go e nance, he gene al objec i es a e o
inc ease decision-making speed and e iciency, o make ull use o in o ma ion in e ms o alue gene a ion, and o lowe
business o o ganiza ion's expenses o haza ds. In o ma ion go e nance is a co po a e adminis a ion componen . In
o he wo ds, i is no necessa y o include in o ma ion go e nance as pa o IT go e nance. Why? Because such a s ance
os e s a w ong no ion ha IT is esponsible o in o ma ion" (Hagmann 2013). Da a go e nance, on he o he hand is
a componen o in o ma ion go e nance since in o ma ion encompasses he p ocessing and s o age o da a. Kahn and
Blai , (2004) p esen ed he concep o in o ma ion go e nance using a s anda d model o concep s o go e nance, isk
and compliance (GRC), whe e: "Go e nance means he se ing o co po a e policies, ules, o ganiza ion, p ocesses and
con ols o keep he company complian wi h all hese equi emen s unde he egime o a co po a e go e nance
amewo k; Risk Managemen keeps he balance be ween in e nal/ex e nal unce ain ies o h ea s and possible
business oppo uni ies ( isk ole ance); and Compliance means ei he a s a e o being in acco dance wi h es ablished
guidelines, egula ions, o legisla ion o he p ocess o becoming so" (Kahn and Blai 2004; Hagmann 2013).
2.3.2. In o ma ion Go e nance F amewo k (IGF)
In o ma ion Go e nance p o ides an o ganiza ional s uc u e, policy, echnology and in o ma ion managemen oles o
op imize in o ma ion alue, ul ill egula o y and legal obliga ions, manage isk and p omo e s a egic objec i es.
in o ma ion managemen (Benne 2017). E ec i e in o ma ion go e nance makes p oac i e app oaches o boa ds o
di ec o s and senio manage s and aims o maximize he wo h o in o ma ion and iden i y he po en ial alue o da a
as "newe oil" and o educe isks and expenses o keeping in o ma ion. Risks and cos s include da a b each, e-
disco e y (p oduc ion o li iga ion documen s and egula o y enqui ies), ROT-s o age o edundan , ou da ed and
insigni ican in o ma ion ha aises cos o da a s o age, e-disco e y cos s and addi ional in e nal da a managemen
pe sonnel (Adams and Benne 2018).
Compliance wi h egula o y du ies, no ably he ise o global p i acy egula ion, is he wo ldwide ising d i e o good
in o ma ion go e nance (Adams and Benne 2018). The i s s ep in de eloping an IGF is o es ablish explici ly how
in o ma ion is handled ac oss he o ganiza ion and whe e pe sonnel esponsible o in o ma ion and/o echnology
managemen a e loca ed ac oss he di isions (Gio dano 2014). Good da a adminis a ion and compliance begins wi h
he knowledge o and mapping o da a, so ha adequa e s eps can be done o secu e and con ol i - a majo di icul y
o many companies (Balla d e al., 2014).
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56
(sou ce: Adams and Benne 2018)
Figu e 2 In o ma ion Go e nance amewo k
Following he amewo k by Adams and Benne (2018), o ganiza ion's IGF may con ain he o e a ching in o ma ion
go e nance policy which may include: • P o iding an o e iew o he managemen and he planning o in o ma ion; •
Iden i ying he app oaches and d i e s o business ha decide o a ec in o ma ion p oduc ion, adminis a ion and use,
including legisla ion, ules, compliance, isk and business equi emen s; and • Es ablishing he o ganiza ion's
commi men o in o ma ion managemen and suppo o he senio managemen .
2.3.3. Li e Cycle o In o ma ion
The li espan o in o ma ion, like he li ecycle o a business, goes h ough se e al s ages. Unde s anding each pa o he
da abase li ecycle is c i ical since in o ma ion is equi ed a e e y le el o he business on a daily basis. To manage he
en i e in o ma ion li e cycle while main aining go e nance, in o ma ion go e nance necessi a es s uc u e and me hod.
I s goal is o assu e p ecision, consis ency, accessibili y, and secu i y. S a ing wi h da a ga he ing and ending wi h da a
disposal, we can di ide In o ma ion Li ecycle Managemen in o se en phases o ease o unde s anding and emo ing
da a ha is no longe use ul is jus as i al as acqui ing i (Adams and Benne 2018).
• Da a Collec ion: This is he s ep whe e da a om he de ined da a sou ces is collec ed. Th ough da a ga he ing,
in o ma ion eaches he o ganiza ion. Da a may be ob ained ia us ed ex e nal esou ces, epo w i ing and
he eceip o da a. I con ains all he me hods and APIs o he connec ion o he sou ce o ob ain he equi ed
da a. In his s ep i is c ucial ha all he changes in sou ces o da a may be upda ed and moni o ed a e e y
le el (Moulus e al., 2018). A company migh ob ain esea ch and analy ical da a om di e en ex e nal
sou ces. Each company has i s own echniques o collec in o ma ion. I speci ies he in o ma ion o be acqui ed
and hen de e mines he me hods o be ollowed. The inancial indus y en e s and also ge s his in o ma ion
om de ices like cellphones, POS swipe machines, ATMs and so on. The elecommunica ions sec o ob ains
use da a om i s ne wo ks. Many in o ma ion om ou side esou ces is collec ed in go e nance sepa a e om
he in o ma ion p o ided in he o ices.
• P ese ing Da a: The many o ms o mass in o ma ion o la ge da a ha he company ob ains, c ea es and
ecei es om de ices mus be main ained o la e use o p ocessing and publishing a e ex emely di icul o
s o e. The e o e, he e is need o ca e ully keep and p ese e all da a collec ed by he company in an ideal
me hod o quicke access (Blackbu n, Smallwood and Ea ley, 2012). Da a migh be s o ed on hi d pa ies o
pa allel se e s whe e and da a a e main ained, since accessibili y and access ime a e de e mined o o e
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quicke access. Da a secu i y is one o he key cha ac e is ics om his s age ill i is dele ed; in o de o
companies o lou ish and sus ain, secu i y and p i acy o in o ma ion a e i al (Luna di e al., 2014). Da a
secu i y is o he g ea es impo ance, especially in he inancial, medical, elecommunica ions and go e nmen
indus ies.
• Classi ying Da a: Classi ying da a allows apid access o da a compiled such as o als, a e ages, means and so
on. When dealing wi h as amoun s o in o ma ion, da a classi ica ion becomes i al. Many key me ics a e
p oduced and sa ed as g oup in o ma ion which acili a es and acili a es subsequen analysis and p ocessing.
In he insu ance company, he e's always bulk da a ha 's gene a ed which is g ouped a he end o he day o
pe iodically o con enience (Moulus e al., 2018).
• P ocessing Da a: Da a is collec ed, ca ego ized, s o ed, and agg ega ed in o de o p ocess i so ha i may be
used. Pay oll is p ocessed using employee a endance da a collec ed on a daily basis (Mendoza and Pu i, 2020).
In he elecom indus y, call de ails o each clien a e u ilized o analyze usage and de elop be e ma ke ing
s a egies (Hung e al., 2006). The insu ance sec o analyzes and p ocesses ansac ion da a on a egula basis
o be e unde s and ansac ion ends and ack money low (B own e al., 2011). Fo da a p ocessing, many
o ganiza ions ely on so wa e such as: Robo ics P ocess Au oma ion, A i icial In elligence, En e p ise
Resou ce P ocessing, Business In elligence, In elligen Au oma ion, Vi ual Reali y, Machine Lea ning, and
A i icial Reali y, among o he ad anced echnologies, a e used o p ocess da a based on business
equi emen s. In o ma ion p ocessing can some imes be aided by he mos basic o ms o p ocessing, such as
documen managemen sys ems and da abase sys ems (Wickens and Ca swell, 2021).
• Publishing Da a: The da a collec ed, s o ed, so ed, and analyzed is u ilized o c ea e epo s o use by
managemen and he gene al public since a e e y se ime (mon hly, qua e ly o yea ly), e e y company
makes in o ma ion a ailable o i s s akeholde s, such as employees, endo s, and in es o s (Swi , 2001).
Because he goal o publishing da a is o make i a ailable o he in ended audience, da a sha ing is also an
elemen o i . Businesses pos ing inancial s a emen s, ma ke insigh s, and o he ypes o da a dissemina ion
a e common. Businesses u ilize a a ie y o echnologies o dissemina e and epo in o ma ion such as
inancial pe o mance, ex e nal communica ion, and o he ac s which a e eleased on a egula basis in a ious
media o each he ele an audience (Sa ady, 2016).
• A chi ing Da a: Ano he key pa o in o ma ion li ecycle managemen is da a a chi ing. When la ge amoun s
o da a a e p ocessed on a daily o ecu ing basis, s o age and p ocessing become p ohibi i ely expensi e
because i s u e s da a p ocessing and publica ion (Hu 2008). To coun e ac his, da a is e i ied and a chi ed
on a egula basis. Da a s o age has acili a ed he collec ion and e en ion o bigge quan i ies o da a by
businesses o a long du a ion. This deg ee o imp o ed p icing pe o mance has led cus ome s o hink ha
s o age is ee o cha ge so ha insigni ican da a is no supp essed. Da a analy ics can p o ide signi ican
insigh s ia da a mining, bu in he sho e m hei analy ical alue is insigni ican (Tallon e al., 2013). Da a
subse s a e used o a chi e da a i.e. e e y a chi ed se o da a is ep esen ed as a subse . Da a a chi ing
imp o es he e iciency o da a s o age and e ie al; he in o ma ion ha is no needed igh away is a chi ed
and s o ed sepa a ely om he ac i e da a s o age en i onmen o ee up mo e space in he ac i e da a
di ec o y and speeds up p ocessing by educing he amoun o da a in ol ed (Wickens and Ca swell, 2021).
• Remo ing Da a: Da a mus be examined on a egula basis and emo ed when i becomes edundan . Ce ain
classi ied da a mus be wi hd awn om he main da a s o age sys em and s o ed secu ely in a sepa a e
en i onmen ha is speci ically main ained o ha pu pose (Wickens and Ca swell, 2021). Da a has a endency
o become ou da ed o e ime; consequen ly, ou da ed da a adds o he cos o da a s o age and p ocessing,
hus i is ca e ully so ed and emo ed om he da a se e on a egula basis (Hu, 2008). This ensu es ha he
moni o ed and sc eened da a is used whe e i is needed. E e y business's da a unde goes a a ie y o
modi ica ions du ing i s exis ence. Rega dless o how he phases a e labeled, co po a e in o ma ion li ecycle
managemen is c i ical o a company o ge he mos ou o he da a i collec s and gene a es (Wickens and
Ca swell, 2021).
2.3.4. P inciples o in o ma ion go e nance
The p inciples ha a e needed o go e ning in o ma ion in any o ganiza ion, including undamen al da a managemen
echniques ha e de eloped as echnology imp o emen s p o ided new po en ial o c ea e alue and new haza ds o be
managed and con olled by insu ance businesses (Balla d e al., 2014). The p inciples a e o be in eg a ed in o he
o ganiza ion in o ma ion go e nance p ac ices and should be d i en in o ac ion by he leade ship o an o ganiza ion.
This is achie ed by gua an eeing ha he concep s a e dissemina ed ex ensi ely and b oadly o all wo ke s who handle
da a and in o ma ion, om he cus ome se ice ep esen a i e o he chie in o ma ion o ice (CIO) (Sa ady, 2016).
The p inciples a e needed by e e y employee in he insu ance company o aid as guide as hey ake e e y li le decision.
Al hough his is ue, many o ganiza ions o en ail o p ac ice he concep s and in o de o achie e sho cu s and
comp omise, he p inciples a e swep aside (Balla d e al., 2014). Consequen ly, as pa o he o ganiza ion's
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In o ma ion Go e nance jou ney, a ques ion ha mus be cons an ly asked is 'Wha is he s a us o he essen ials in my
company, and why is his he case?'. In addi ion o his, he p inciples p o ide he amewo k o de eloping a policy
(which is subo dina e o he communica ion o he concep s and ul ima e inco po a ion in o he o ganiza ion) and
encompasses how an o ganiza ion's p inciples a e sys ema ically implemen ed.
Be nimble: The ocus o da a managemen me hods mus p o ide sha p answe s o echnological changes, clien needs
and domes ic p ocedu es.
(sou ce: balla d e al., 2014)
Figu e 3 Roo P inciples o da a managemen
• Fos e s ewa dship: To ensu e p ope da a use and euse, he employee mus ake ac ion. This unc ion canno
be au oma ed, and he e o e necessi a es he di ec engagemen o a i m employee who will se e as he da a
elemen o sou ce manage .
• Encou age he ou come: Quali y, secu i y, and da a go e nance/compliance a e all dependen on you
pe sonnel.
• Manage meaning: Da a is he business's language. In his espec , unde s anding and ac i ely managing he
language lowe s complexi y, duplica ion and incompa ibili y, which a e di ec ly ela ed o he imp o emen o
in o ma ion quali y.
• Manage classi ica ion: I is impo an ha he business manage classi ies he sou ce and he con en as soon
as he owne p o ides suppo o adminis a ion and moni o ing o he in o ma ion li e cycle and o
compliance wi h egula ions (Balla d e al., 2014).
• Manage eedback: An inc ease in in ensi y o p ocedu e, which wo ks in andem wi h policies and s anda ds,
allows o communica ion ac oss he company when policies and s anda ds con lic wi h new business
equi emen s. I 's he backbone o he p ocess o making policy and s anda d ex s be e .
• Con ol hi d-pa y con en : Thi d-pa y da a is becoming mo e impo an in big da a, and o ganiza ions mus
examine applicable legisla ion o hei ope a ional geog aphic loca ions. As a esul , companies mus
unde s and and manage hei esponsibili ies (Balla d e al., 2014).
• Map you in o ma ion: An o ganiza ion's abili y o succeed depends on i s unde s anding o he en i e company
and he dissemina ion o in o ma ion ac oss all ac i i ies.
• Manage quali y: Due o signi ican ole o in o ma ion and da a, con inuous pe o mance is c ucial o he quali y
o he con en s o o ganiza ion pe o mance.
2.3.5. Bene i s o In o ma ion Go e nance
The signi icance o in o ma ion go e nance in he imp o emen o o ganiza ion pe o mance has been emphasized by
he a ailable li e a u e on in o ma ion go e nance (de Ab eu, Maçada and Kuma 2013; Koope e al., 2011; Robinson
2021) as i p o ides a wide ange o bene i s o he o ganiza ion. Acco ding o Robinson (2021), in o ma ion go e nance
ensu es he ollowing: easy access o equi ed in o ma ion; p ope managemen and s o age o da a; co ec
obse a ion o egula o y equi emen s; and isk managemen o in o ma ion.
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65
4.3.1. Highes Educa ional Quali ica ion
The esul s show ha ou o ele en (11) esponden s, i e (5) esponden s ep esen ing 45.5% a e employees wi h
mas e deg ee while six (6) esponden s ep esen ing 54.5% a e employees wi h BSc o HND. Conside ing his esul ,
all he esponden s ha e o mal educa ion o unde s and he concep o he s udy.
Table 2 Highes Educa ional Quali ica ion
Educa ional Quali ica ion
F equency
Pe cen age (%)
BSc/HND
6
54.5
Mas e s
5
45.5
To al
11
100.0
Sou ce: Field Su ey (2021)
Figu e 6 Dis ibu ion o highes educa ional quali ica ion o he esponden s SPSS ou pu , 2021
4.3.2. Yea s o Wo k Expe ience
The esul s indica e ha one (1) esponden ep esen ing 9.1% ha e been wo king wi h he company o he pe iod o
1-5 yea s, wo (2) esponden s ep esen ing 18.2% ha e been wo king wi h he company o he pe iod o 6-10 yea s,
i e (5) esponden s ep esen ing 45.5% ha e been wo king wi h he company o he pe iod o 11-15 yea s and h ee
(3) esponden s ep esen ing 27.3% ha e been wo king wi h he company o mo e han i een (15) yea s. Owing o
his, majo i y o he esponden s ha e been wo king wi h he company o mo e han en (10) yea s which implies ha
hey a e amilia wi h ope a ions and p inciples as i ela es o in o ma ion go e nance in hei o ganiza ion.
Table 3 Yea s o Wo k Expe ience
Yea s o Expe ience
F equency
Pe cen age (%)
1-5 yea s
1
9.1
6-10 yea s
2
18.2
11-15 yea s
5
45.5
Abo e 15 yea s
3
27.3
To al
11
100.0
Sou ce: Field Su ey (2021)

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66
SPSS Ou pu 2021
Figu e 7 Dis ibu ion o yea s o wo k expe ience o he esponden s
4.4. Desc ip i e S a is ics
This sec ion p esen ed he desc ip i e s a is ics o he independen and dependen a iables. The dependen a iable
is pe o mance and is measu ed using he asse u iliza ion a io. The minimum alue o he asse u iliza ion a io o
he sampled insu ance companies is 5%, he maximum alue is 53%. An asse u iliza ion a io o 53 pe cen implies ha
he company ea ned 0.53 o each nai a o asse s held by he company. Inc eased asse u iliza ion indica es ha he
o ganiza ion is ge ing mo e alue ou o each nai a o asse s i possesses.
The independen a iables comp ise he in o ma ion go e nance p inciples ep esen ed by he se en key a eas in
ARMA ma u i y model. The key a eas a e: S ee ing Commi ee, Au ho i ies, Suppo s, P ocesses, Capabili ies, S uc u es
and In as uc u e. Fo each p inciple, he cha ac e is ics o e ec i e in o ma ion go e nance is measu ed using a i e
scale/dis inc le els o ma u i y.
Table 4 Desc ip i e S a is ics
Va iable
N
Minimum
Maximum
Mean
S d. De ia ion
Asse U iliza ion Ra io
11
0.05
0.53
0.2827
0.16406
S ee ing Commi ee
11
3.00
5.00
4.0000
0.63246
Au ho i ies
11
3.00
5.00
4.0909
0.53936
Suppo
11
3.00
5.00
4.0909
0.70065
P ocesses
11
3.00
5.00
4.1818
0.60302
Capabili ies
11
3.00
5.00
4.0909
0.70065
S uc u es
11
3.00
5.00
4.0909
0.70065
In as uc u e
11
3.00
5.00
4.0909
0.70065
Ma u i y Index
11
3.00
5.00
4.0909
0.53936
Valid N (lis wise)
11
Sou ce: Field Su ey (2021)
The analysis o each p inciple showed ha :
• S ee ing Commi ee: Mos o he composi e insu ance companies sampled a e a a p oac i e ma u i y le el as
i ela es o he 's ee ing commi ee' as IG p inciple.
• Au ho i ies: Mos o he composi e insu ance companies sampled a e a a p oac i e ma u i y le el as i ela es
o he 'au ho i ies' as IG p inciple.
• Suppo : Mos o he composi e insu ance companies sampled a e a a p oac i e ma u i y le el as i ela es o
he 'suppo ' as IG p inciple.
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• P ocesses: Mos o he composi e insu ance companies sampled a e a a p oac i e ma u i y le el as i ela es
o he 'p ocesses' as IG p inciple.
• Capabili ies: Mos o he composi e insu ance companies sampled a e a a p oac i e ma u i y le el as i ela es
o he 'capabili ies' as IG p inciple.
• S uc u es: Mos o he composi e insu ance companies sampled a e a a p oac i e ma u i y le el as i ela es
o he 's uc u es' as IG p inciple.
• In as uc u e: Mos o he composi e insu ance companies sampled a e a a p oac i e ma u i y le el as i
ela es o he 'in as uc u e' as IG p inciple.
Figu e 8 Pe cen age esponse on ma u i y le el ela ing o ha ing ‘s ee ing commi ee’ as in o ma ion go e nance
p inciple
The mean esponses e ealed ha all he composi e insu ance companies ha e he IG p inciples such as S ee ing
Commi ee, Au ho i ies, Suppo s, P ocesses, Capabili ies, S uc u es and In as uc u e as es ed by he s udy. The
mean esponses a e qui e abo e a e age (2.5 o a scale o 5) indica ing ha all he esponden s ag eed o he adop ion
o IG p inciples in hei espec i e o ganiza ions.
4.5. Reg ession Analysis
This sec ion p esen s he analysis done o in es iga e he impac o ma u i y le el o in o ma ion go e nance p ac ices
on o ganiza ional pe o mance in he insu ance indus y in Nige ia.
The co ela ion coe icien (R) o 0.764 which is 76.4%, showing ha ma u i y le el o in o ma ion go e nance p ac ices
is posi i ely and s ongly ela ed o o ganiza ional pe o mance (measu ed by asse s u iliza ion a io). Also, he co-
e icien o de e mina ions (R2) e eals a alue o 0.584 indica ing ha he ma u i y le el o in o ma ion go e nance
p ac ices explains up o 58.4% o he a ia ion in he o ganiza ion pe o mance while he emaining 41.6% is accoun ed
o by IG p inciples ha a e no co e ed in his s udy which can a ec he pe o mance o he company. Mo e so, he
adjus ed R squa e o 0.538 u he indica es ha ma u i y le el o in o ma ion go e nance p ac ices will s ill cause a
a ia ion o 53.8% in o ganiza ional pe o mance i o he a iables a e added o he s udy. In addi ion, he F-S a is ics
wi h i s signi icance shows he i ness o he model. The signi icance alue o 0.006 is less han 0.05 indica ing ha he
model is i a 5% le el o signi icance and he explana o y a iable ha e been ca e ully selec ed.
Table 5 Model Summa y
Model
R
R Squa e
Adjus ed R Squa e
S d. E o o he Es ima e
1
0.764ᵃ
0.584
0.538
0.11149
ᵃ P edic o s: (Cons an ), Ma u i y Index; Sou ce: Field Su ey (2021)
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5. Discussion o Findings
5.1. The ex en o adop ion o in o ma ion go e nance p inciples among insu ance companies in Nige ia
The i s objec i e was o e alua e he ex en o adop ion o in o ma ion go e nance p inciples among insu ance
companies in Nige ia. The esul e ealed ha all he mean esponses we e well abo e a e age (2.5, o a scale o 5)
indica ing ha mos o he insu ance company adop s he use o he IG p inciples ela ing o ha ing S ee ing Commi ee,
Au ho i ies, Suppo s, P ocesses, Capabili ies, S uc u es and In as uc u e.
As s a ed by Keyse and Dain y (2018), one o he p inciples esponsible o he success o In o ma ion Go e nance in
any o ganiza ion is ha ing a Council (o S ee ing Commi ee) which ep esen s a mix o a ious specialis s wi h a ied
unc ional equi emen s. In he opinion o Gio dano (2014), one o he main easons why p e ious a emp s o de elop
an e icien in o ma ion go e nance p og am o en ail was he lack o a clea ly iden i ied execu i e sponso .
Table 6 ANOVA
Model
Sum o Squa es
d
Mean Squa e
F
Sig.
1
Reg ession
0.157
1
0.157
12.636
0.006ᵇ
Residual
0.112
9
0.012
To al
0.269
10
ᵃ Dependen Va iable: Asse U iliza ion Ra io
ᵇ P edic o s: (Cons an ), Ma u i y Index; Sou ce: Field Su ey (2021)
Table 7 Coe icien s
Model
Uns anda dized Coe icien s
S anda dized Coe icien s
Sig.
B
S d. E o
Be a
1
(Cons an )
-0.894
0.252
-3.551
0.006
Ma u i y Index
0.287
0.081
0.764
3.555
0.006
ᵃ Dependen Va iable: Asse U iliza ion Ra io; Sou ce: Field Su ey (2021)
5.2. The ma u i y le el o in o ma ion go e nance p ac ice among insu ance companies in Nige ia
The second objec i e o he s udy was o iden i y he ma u i y le el o in o ma ion go e nance p ac ice among insu ance
companies in Nige ia. The esul e ealed ha mos o he esponden s s a ed ha hei o ganiza ion is a he p oac i e
ma u i y le el. Howe e , his le el indica es ha he e a e mechanisms in place o con inuous imp o emen , mos
issues ela ing o in o ma ion go e nance a e being add essed.
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69
Figu e 9 Pe cen age esponse on ma u i y le el ela ing o ‘au ho i ies’ as in o ma ion go e nance p inciple
5.3. The impac o adop ion o in o ma ion go e nance p inciples and ma u i y le el on pe o mance o
insu ance companies in Nige ia
The hi d objec i e was o e alua e he impac o adop ion o in o ma ion go e nance p inciples and ma u i y le el on
pe o mance o insu ance companies in Nige ia. F om he eg ession esul , i was e ealed ha in o ma ion
go e nance p inciples and ma u i y le el has a posi i e ela ionship wi h o ganiza ional pe o mance. This implies ha
adop ion o in o ma ion go e nance p inciples and inc ease in ma u i y le el will lead o an inc ease in o ganiza ional
pe o mance. The alue o 3.555 wi h i s signi icance alue 0.006 indica es ha he s udy ejec s he null hypo hesis
and accep he al e na i e hypo hesis. This ag ees wi h Ianna elli and O'Shaughnessy (2014) who asse ed ha ensu ing
ha e e yone in an o ganiza ion unde s ands wha hey a e supposed o do wi h impo an in o ma ion and how o do
i can make he di e ence in p o ec ing he company's i al in e es s. Also, de Ab eu, Maçada and Kuma (2013) and
Some s and Gup a (2013) epo ed ha mo e han 70% o cus ome s' swi ch is ela ed o dissa is ac ion wi h he quali y
o se ices o e ed in inancial se ices which is a ibu ed o lack o in o ma ion go e nance. Fu he mo e, Laja a and
Maçada (2013) epo ed ha he cha ac e is ics o in o ma ion go e nance ha e a g ea e impac i m alue. The mean
asse u iliza ion a io o 28 pe cen is an indica ion o e ec i e u iliza ion o in o ma ion (as an asse ) in he insu ance
company. Theo e ically, e icien asse managemen p ac ice (in his case in o ma ion go e nance) and hus he
p oduc ion o alue by he owne s a e iden i ied by highe asse u no e , bu less e enue o he asse a io signals
asse deploymen o unp oduc i e objec i es.
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Figu e 10 Pe cen age esponse on ma u i y le el ela ing o ha ing ‘suppo ’ as in o ma ion go e nance p inciple
6. Summa y, Conclusion and Recommenda ions
6.1. Summa y
This s udy examined he in o ma ion go e nance and o ganiza ional pe o mance in he insu ance indus y wi h
speci ic e e ence o he composi e insu ance i ms in Nige ia. The s udy was di ided in o i e chap e s. The i s chap e
was a gene al in oduc ion o he cons uc s whe e he gene al p oblems o he opic we e s a ed. Also, he objec i es
o he s udy ( h ee in numbe ), he hypo heses o be es ed and he scope & he limi a ions we e s a ed. In chap e wo
o he s udy, he concep ual and he empi ical e iews o ele an li e a u e on in o ma ion go e nance and
o ganiza ional pe o mance we e discussed o help o gi e a p ope backg ound o he subjec ma e . In addi ion, he
heo e ical backg ound o he s udy was es ablished. Chap e h ee en ailed he me hod o collec ing he necessa y
da a h ough ques ionnai e ha was used; he popula ion o he s udy ha comp ises o he s a o he ou een (14)
composi e insu ance companies in Nige ia, while census sampling echnique was adop ed whe e he popula ion se ed
as sample size. In o de o assess he ma u i y le el o insu ance companies ega ding in o ma ion go e nance, he
s udy adop ed a model known as ARMA IG Model. Using his model, i ems measu ing he key a eas o IG p inciples we e
adop ed and es ed and he eg ession analysis was used as ool o e alua ing he impac o in o ma ion go e nance
on o ganiza ional pe o mance. Chap e ou ga e a p ecise manne by which da a collec ed using ques ionnai e as he
ins umen was analyzed and hen used in achie ing he se objec i es. Finally, in chap e i e he summa y o indings
was p esen ed and he conclusion was s a ed leading o sugges ions and ecommenda ions based on he indings o he
s udy.
6.2. Conclusion
The pu pose o he s udy is o analyze he impac o in o ma ion go e nance on o ganiza ional pe o mance (measu ed
using asse u iliza ion a io). The s udy p obed in o examining he ex en o adop ion as well as he ma u i y le el o
in o ma ion go e nance basically in he insu ance sec o . Using he adop ed ARMA in o ma ion go e nance model, he
s udy concludes ha o a mode a e o an a e age ex en , he composi e insu ance companies in Nige ia ha e adop ed
he use o in o ma ion go e nance and he ma u i y le el as e ealed in he s udy is he p oac i e ma u i y le el,
indica ing ha hough he in o ma ion go e nance bes p ac ices and s anda ds a e being inco po a ed, he e a e
mechanisms in place o con inuous imp o emen . The s udy, om he eg ession analysis, also concludes ha
in o ma ion go e nance has signi ican impac on o ganiza ional pe o mance.
6.3. Implica ion o he S udy
The c ea ion o in o ma ion managemen (IG) has esul ed om he ecen inabili y by adi ional eco ds managemen ,
in addi ion o inc easing egula ions and compliance di icul ies, o keep up wi h he expansion o da a. Inaccu a e
in o ma ion and comple eness aise ope a ional expenses while he adminis a ion o in o ma ion moni o s and
gua an ees compliance wi h he secu i y o in o ma ion. As a consequence, e ec i e IG p og ammes, pa icula ly in he

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71
inancial indus y, a e equi ed o imp o e o ganiza ional pe o mance and compliance while elying on in o ma ion as
an asse o maximizing i s alue and educing cos s.
ARMA's usage o he In o ma ion Go e nance Ma u i y Model (IGIM) in his s udy is an eye opene o he key a eas
whe e IG p inciples in he insu ance sec o needs o be wo ked on. The insu ance companies, o be able o discha ge
hei esponsibili y, has o adop IG p inciples, moni o and e iew hei p ocesses in o de o gua an ee e ec i e and
e icien use o in o ma ion asse s. This is in line wi h he p o isions and guidelines ela ing o co po a e go e nance on
composi ion o commi ee on isk managemen and o he esponsibili ies by a ious bodies such as he Basel
Commi ee on Banking Supe ision, Na ional Insu ance Commission (NAICOM) and o he egula o y bodies. Such
esponsibili ies a e no limi ed o e alua ing s a egic plan, signi ican managemen e o s, isk policy, inancial
p ojec ions, de ining pe o mance a ge s, moni o ing implemen a ion and i m p o i abili y, and supe ising la ge
in es men s and ansac ions.
Fu he mo e, some o he policies by Basel Commi ee on Banking Supe ision s a ing ha he egula o y "walls"
p o ec ing insu ance company asse s should no be comp omised.
F om he indings, key ecommenda ions a e:
• In he insu ance sec o , as e ealed by he s udy, mos companies s ill ha e o e iew he s a e o hei s ee ing
commi ee as i is a majo ac o con olling o he key a eas. I is no only enough o ha e a o mal o in o mal
g oup o indi iduals asked wi h IG decision making, bu also ensu e ha he ele an in o ma ion s akeholde s
a e ep esen ed in he g oup and has su icien au ho i y o in luence o guide IG decision.
• Due o he global ad ancemen o echnology, ele an au ho i ies a e expec ed o be pe iodically e iewed and
kep cu en . In iew o his, ainings o in o ma ion o ice s and adminis a o s a e key and no o be oiled
wi h. In es ing hea ily in ainings, in line wi h human capi al heo y, should be conside ed o ha e a
compe i i e ad an age globally.
• Though he e a e exis ing suppo s which a e help ul and a e being consis en ly and epea edly used in he
indus y o e ime, op managemen o o ganiza ions should ensu e ha lessons lea ned om ainings and
consul a ions a e inco po a ed o imp o e suppo s uc u es going o wa d.
• I is no only enough o pu in place de ined policies and oles, implemen a ion and compliance o IG p inciples
needs cons an e alua ion. Going o wa d, insu ance companies should de ise me ics and benchma ks o IG
p og ams and p ocesses ha can help o alloca e and manage esou ces e icien ly and e ec i ely.
• P o ec ing in o ma ion in i s li e cycle is a s ep o implemen ing IG compliance, howe e , ollowing he comple e
s ages o in o ma ion li ecycle ( om collec ion o emo al) should be encou aged in o de o be able o
e ec i ely add ess in e nal and ex e nal h ea s o in o ma ion.
• Ha ing he unde s anding ha in he e-disco e y p ocess, IG is essen ial o allow o be e sea ch esul s on
which o make business choices, i is he e o e essen ial o ha e a consis en o ganiza ion's axonomy and
me ada a ac oss sys em. This will ensu e ha comple ing eco ds ac i i ies, il e ing h ough and iden i ying
esponsi e ( ele an ) ma e ial a e done wi hou much ambigui y.
• Gi en he inc eased h ea o cybe c ime and in o ma ion a icking o in o ma ion sys ems in ecen yea s,
he e is a need o bee up secu i y measu es in IG ne wo ks and o he in as uc u e. This can be accomplished
by pu ing in place sa egua ds ha p e en unau ho ized access, manipula ion, des uc ion, o di e sion o
in o ma ion asse s.
6.4. Recommenda ions o Fu he S udies
Due o he sample size used in he s udy, u he esea ch can be conduc ed using a la ge sample ( o example, in he
banking indus y which is ca ies a signi ican po ion o he inancial indus y) in Nige ia. The s udy also ecommends
ha a longi udinal app oach o da a collec ion is used o e alua e o e a long pe iod o ime he impac ha he adop ion
o in o ma ion go e nance migh ha e on o ganiza ional pe o mance using o he pe o mance indica o .
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