Data Governance

The results of developing a Data Governance (DG) program is far-reaching. DG organization include the establishment of clear accountability for data management through DG roles and responsibilities. 

Some of the benefits of having a DG program include:

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Addressing and minimizing operational risks

• Provides senior executives transparency into and greater confidence about data management processes for management and regulatory reporting, enabling them to demonstrate control and consistency over their data to both internal audit and external regulators

• Minimizes the incidents of data quality issues, and reduces the cost of remediation of the issues as DG processes and controls ensure that an organization is better positioned to avoid or promptly address costly data quality issues.

• Improves oversight and accountability for data policies and standards across the business by clearly defining roles and responsibilities

• Business processes are enhanced through improved data quality (i.e. accuracy, completeness, and timeliness)

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Sustaining the gains of regulatory programs (e.g., Basel, Dodd-Frank, CCAR, Solvency II)

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• A DG program will institutionalize the program structures and processes in place thereby, among others, enabling/enhancing business processes through improved data quality, e.g., risk models may be developed with high quality data, MIS and regulatory reporting being done with greater confidence and in shorter cycles.

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Establishing a foundation for meeting future regulatory mandates

• Makes an organization better prepared to respond to future regulatory mandates that require robust data management functions (e.g., BIS’s Principles for Effective Risk Data Aggregation and Risk Reporting)