Why we need Data Governance?

We need Data Governance famework to establish accountability and ensuring consistent master data management practices across the organization.

This will establish a strong foundation where Broader Data Management capabilities can be developed.

What a Data Governance framework can provide? -

1) Accountability for data across the organization.
2) Clear standards and processes to control the use of data assets.
3) Set of definitions that encourage consistent and desirable behaviors on data across the enterprise.
4) Provide guidelines for ensuring consistency in the definition, usage and management of data across the enterprise.

Key Benefits - 

1) Risk & Regulatory -

Regulations such as Capital, Liquidity, RRP, CCAR, Single Counterparty Credit Limits etc. require  the use of enterprise “conformed” reference data dimensions.

2) Costs -

i) Multi-million dollar cost reductions through investment in enabling data management technologies.
ii) Decrease in the operational expense of producing high-quality data through proactive data quality maintenance.

3) Efficiency -

i) Increasing focus on repeatable and controlled data management solutions to achieve operational excellence.
ii) Eliminate redundant manual reference data reconciliations to make the process more scalable and less error prone.

4) Growth & Profitability -

Enterprise wide reference/master data standards are required to enable the data sharing among lines of business to support planned strategic initiatives.