DATA GOVERNANCE: A STEP TOWARD VALUE-DRIVEN COMPLIANCE & RISK MANAGEMENT

As trivial as it may sound today, 100 years ago companies from all industries elected electricity experts on their senior management team to guide the assimilation of this new and disruptive technology. Like electricity production and delivery at the beginning of the last century, data is now changing the way business is being done. Today, organisations from all sectors are looking at data from an executive standpoint and exploring how to embrace data governance as a core business function.

As electricity enabled companies to scale their operations, businesses around the globe try to harness the volume, velocity and variety of data to maximise their business activities. Nevertheless, as Google, Facebook and Amazon have shown the world, companies must not only incorporate data into various lines of business, but, in fact, to be successful in increasingly competitive and regulated industries, companies must consider data as the motor force of their corporate value and treat these like an enterprise asset.

While executives from all sectors are increasingly aware of this paradigm shift, many are still hesitant to address this transformation. This is particularly true in the financial sector where confidentiality and security are inevitable concerns. While some industries may have the luxury to enjoy a few more years of status quo before legislation will force them to embrace this new reality, financial institutions now have no choice but to address the challenges imposed by the arrival of the information age.

Jan-Mar 2015 Issue

Global Data Excellence