Once data has been successfully identified the next question asked of the data professionals is how to best manage the data and ensure it is "Fit-For-Purpose". Data Governance is the tool to meet this requirement, and is achieved using some of the tools outlined below:

While it is generally considered good practice to understand and manage your data as a core business asset BCBS 239  (also known as RDA - Risk Data Aggregation) is putting more focus on this practice for the Financial industry. 

The benefits of controlled data in organizations are:

  • Business decisions understand the origin and trustworthiness of the data. Since not all data should be considered equal, understanding the quality enables a more informed decisioning process.
  • Enables Business, IT and external organizations (regulators etc) to be able to speak the same language, and avoid misunderstandings
  • Organization is better positioned to cope with changing data requirements that if unanswered may introduce Reputational Risk.