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
  • Data Content Control
  • Data Movement Control
  • Data Retention Control

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.