Assured Legal, Privacy, Regulatory Compliance.
360 Managed View of Customers, Partners, & Product Services.
Streamlined, Financially Efficient Data Operations.
Data and Information Risk Mitigation.
Successful businesses are aware of the essential role corporate data assets play in assuring the competitive success of the organization. They understand well managed data assets are critical for growing market share, increasing revenue, and achieving longer-term profitability. They're also conscious of the fact that poorly governed data assets expose the organization to financial, legal, reputational and other forms of serious business risk.
Modern businesses are being required to manage vast quantities of data generated by an increasing variety of sources. Data is arriving in increasing varieties and velocity, resulting in a rapid growth in the quantity of data that are organizations are being required to capture and store. All of which increases the challenges for organizations to be aware of the data under their responsibility. Failure to comply with data management related legal, regulatory, financial and other mandates can result in significant monetary, reputational, and other forms of consequences for the organization.
Organizations are mandated through legal and regulatory requirements to take accountability for the data under custodianship. This is achieved through implementing the necessary data governance and management controls necessary to ensure adherence with all privacy, regulatory, financial, and other forms of data related compliance mandates.
Privacy legislation such as the European Union's GDPR, California's Consumer Privacy Act (CCPA), and Canada's Personal Information Protection and Electronic Documents Act (PIPEDA) require businesses to have complete transparency into the collection, storage, processing, and sharing of personal data under their custodianship. Failure to do so incurs significant financial penalties, irrecoverable reputational damage, and possible custodial charges for senior executives.
Data governance is comprised of suite of policies, processes, and practices that allow to formally manage and supervise corporate data assets. It defines who can take what actions with what information, when, under what circumstances, and using what methods. The goal being to minimize data management related organizational risks, while maximizing value that can realized from the business’s data assets.
Data governance is an organization wide responsibility, with ultimate accountability lying with the executive management team. Its success is relies upon a bottom-up and top-down concerted, conscientious, collaborative communications spanning front-line employees, to executive management teams
The Data Council is the highest authority within a data governance practice. It is responsible for composing and enforcing the necessary corporate data governance policies to assure adherence with internal and external compliance mandates. It is composed from members of the organization’s executive management team, with representation from each of the core lines of business.
Data governance policies are implemented by embedding them within the organization’s business and technology operational processes. Senior management are assigned responsibility for assuring business and technology operations are conducted in compliance with corporate data governance policies. They also ensure the required metrics are collected and communicated back to the Data Council for continual monitoring and assessment of the data governance practices.
A fundamental rule of business is that 'if can’t be measured. it can’t be managed'. Data governance is managed through implementing Key Performance Indicators (KPI) which objectively measure how well the critical data governance goals have been achieved and sustained over time.
This is accomplished through implementing technology solutions that allow to collaborate the collected metrics amongst the stakeholders. The findings become a source of reference for the Data Council to identify the areas of the organization in which to focus its resources in order to minimize data related business risks.