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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:
- Data Policies
- Defines the scope and control of the data that falls under Data Governance
- Data Processes
- Define data related roles
- Define RACI for each role
- Define Data Principles, best practices & forward looking guidance
- Establish controls to ensure both core data quality and data is used appropriately
- Establish change process
- Data Control's
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.