Data governance is the foundation of all data management services. In this on-demand webinar, Chris Sifter explains what banking data governance is and introduces root causes for data governance issues, critical use cases for data governance disciplines, and practical ways for your company to get started with implementing effective data governance in banking.
Data is a critical asset to any organization. Because of that, there are protocols in place, referred to as data governance, to ensure that a company is able to effectively maintain and improve data quality. Data needs to be trusted, meaning there should be no question of whether the data is accurate, up to date, organized, and secure. Data governance in banking addresses all of these areas of concern.
Ultimately, data governance is all about being able to trust your data. There are seven principles for bank data governance that every company needs to abide by to ensure that their data is trustworthy:
Implementation of data governance should always focus on people, processes, and tools. It is important to examine an organization to identify any current data management issues before a data governance system can be put into place. Companies also need to look ahead to find potential future issues that can be avoided with proper data management practices.
It is important to establish an organizational structure prior to implementing data governance tools. Once that structure is in place, this roadmap of steps can help streamline the implementation of data governance:
As you create your roadmap, be sure to establish measurements. Frequently evaluate the progress of implementation by using those measurements as a guide for any adjustments that need to be made.
Contact Crowe today to learn more about how data governance in banking can make your data more trustworthy and your organization more efficient.