Data Governance: Ensuring the Integrity and Value of Corporate Data

Its amazing to see, how often we come across people and organizations talking and preaching the value of data and rightly so. At times taking pride of their investments in data management tools and infrastructure. But often fail to notice the value of data governance, or may be due to misconception that they equate data management as data governance. In this article we would see how data governance can be a game changer for any organization, we try to demystify the concept, and provide an easy path to start this journey in all those organizations, who consider data as strategic asset.

Data is often referred to as the “new oil” because of its immense value in driving business success. However, just like oil, data needs to be refined and managed properly to unlock its full potential. Without proper data governance, organizations risk making decisions based on inaccurate or incomplete data, exposing themselves to regulatory penalties, and losing trust with customers and stakeholders.

It is highly recommended to start Data Governance Program with a focus on a business or use case, e.g.:

Grow the Business: By ensuring that data is accurate, accessible, and reliable, data governance allows the company to identify new market opportunities and make data-driven decisions that drive revenue growth.

Run the Business: Data governance helps streamline operations by standardizing data processes, reducing inefficiencies, and minimizing operational costs.

Protect the Business: With increasing regulatory requirements such as GDPR, data governance ensures that sensitive data is handled appropriately, mitigating the risk of data breaches and associated fines.

So, what is Data Governance?

At its core, data governance can be defined as the rules, processes, and accountability that allow an organization to better manage the availability, visibility, security, and integrity of corporate data sources. It involves establishing a framework that ensures data is consistently managed and used responsibly across the organization.

And, how do we differentiate between Data Governance and Data Management?

While data governance and data management are often used interchangeably, they serve distinct functions within an organization:

? Data Governance focuses on establishing policies, procedures, and responsibilities to ensure data quality, security, and compliance. It is about defining “how” data is managed and “who” is responsible for it.

? Data Management involves the actual processes and technologies used to store, process, and analyze data. It is about the “tools” and “operations” that make data available and useful.

In simpler terms, data governance sets the standards and policies, while data management implements them.

What GDPR got to do with Data Governance?

The General Data Protection Regulation (GDPR), which came into effect in 2018, has had a profound impact on how organizations approach data governance. GDPR mandates strict data protection and privacy requirements, compelling organizations to implement comprehensive data governance frameworks. Key GDPR-driven changes include:

? Data Accountability: Organizations must maintain detailed records of data processing activities and demonstrate compliance with GDPR requirements.

? Data Subject Rights: Individuals have greater control over their personal data, requiring organizations to implement processes for data access, correction, and deletion requests.

? Data Security: GDPR imposes stringent security requirements to protect personal data from unauthorized access, breaches, and misuse.

As a result, data governance is no longer just a best practice; it is a legal obligation for organizations handling personal data.

What are the key ingredients for a Data Governance Program?

Establishing an effective data governance program requires careful planning and execution. Here are the key ingredients:

1. Data Governance Policy

A data governance policy outlines the organization’s approach to data management, including roles, responsibilities, and guiding principles. It serves as a foundation for the entire data governance framework.

2. Data Governance Model

The data governance model defines the organizational structure for managing data governance activities. This typically includes a Data Governance Council, Data Stewards, and various stakeholders responsible for implementing and enforcing data governance policies.

3. Data Governance Scorecard and Dashboard

To measure the effectiveness of the data governance program, organizations should develop a data governance scorecard and dashboard. These tools provide a visual representation of key metrics, such as data quality, compliance, and risk, enabling continuous monitoring and improvement.

How to Set Up a Data Governance Program?

Here’s a step-by-step guide to setting up a data governance program:

Step 1: Define the Scope: Identify the data domains, processes, and stakeholders that will be included in the data governance program.

Step 2: Establish a Governance Framework: Develop a data governance policy and model, defining roles, responsibilities, and processes.

Step 3: Implement Data Stewardship: Assign Data Stewards responsible for managing specific data domains and ensuring adherence to data governance policies.

Step 4: Develop Metrics and Monitoring Tools: Create a data governance scorecard and dashboard to track performance and identify areas for improvement.

Step 5: Continuous Improvement: Regularly review and update the data governance framework to adapt to changing business needs and regulatory requirements.

Key Takeaway:

Data governance is not just a regulatory requirement; it is a strategic imperative for organizations seeking to harness the power of data to grow, run, and protect their business. By implementing a robust data governance program, organizations can ensure that their data is a trusted and valuable asset, driving success in today’s competitive landscape.

Call to Action:

If you are interested to discuss how you can embark on this journey using your unique business situation, what tasks you need to undertake, what tools options are available, please feel free to setup a meeting at Rovingapps Online Meeting.