Proper data governance has an impact on reducing productivity losses that go hand in hand with data problems, plus being able to understand and trust what data means within a business context is key to maximizing Big Data-driven analytics efforts to capitalize on revenue opportunities, solve customer issues, identify fraud and accelerate decisions that impact a financial services organization’s strategic positioning.
High-ranking executives and business teams that become more actively involved in data governance also can help prime their organizations to support the arrival of even more intense data regulations – primarily the General Data Protection Regulation (GDPR). The banking industry is likely to be made an example of if an organization in the sector breaches GDPR.
Fortunately, the defining principles of Data Governance 2.0 should help address these and other pressing issues. This more mature stage of data governance is marked by the idea that everyone within the organization collaborates in the process, spreading responsibilities across more individuals and driving ranking business leaders to inform and enable the effort’s return on investment – from limiting data exposures to driving data opportunities, including growing revenue.
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