Myriad benefits of Data Governance – Data should be accessible, usable and secure. An effective Data Governance strategy helps in ensuring that data is used efficiently by improving data security and complying with all regulatory requirements. Data related to property whether physical or intellectual, personal identity, financial information requires confidentiality and accountability. Data governance plays a significant role in accessibility of reliable and accurate data for risk aggregation and producing accurate reports for the Enterprises that provide financial services.
Data Governance is used not only for security and compliance but also to increase the value of data assets of the Enterprises. Financial services providing enterprises need appropriate governance as they handle huge volumes of data every day. Data Governance strategy defines how given data is named, stored, processed, analyzed and distributed. Furthermore, it also helps to prevent any type of data damage.
Matured Enterprises follow a systematic approach and a well-engineered data program for better data storage and this type of approach enables them to have feasible access to required data. Data Governance strategy allows you to identify the source of data, who can access it and use it appropriately that enhances compliance. Majority of enterprises that provide financial services ensure that their systems and servers are well maintained and data storage is timely monitored and protected. A great deal of time and money is invested in this process of maintenance while considering Risk and Compliance
Following are the Top 6 Data Governance Strategies.