Effecting Data Quality Through Data Governance: a Case Study in the Financial Services Industry

Abstract

One of the most significant challenges faced by senior management today is implementing a data governance program to ensure that data is an asset to an organization\u27s mission. New legislation aligned with continual regulatory oversight, increasing data volume growth, and the desire to improve data quality for decision making are driving forces behind data governance initiatives. Data governance involves reshaping existing processes and the way people view data along with the information technology required to create a consistent, secure and defined processes for handling the quality of an organization\u27s data. In examining attempts to move towards making data an asset in organizations, the term data governance helps to conceptualize the break with existing ad hoc, siloed and improper data management practices. This research considers a case study of large financial services company to examine data governance policies and procedures. It seeks to bring some information to bare on the drivers of data governance, the processes to ensure data quality, the technologies and people involved to aid in the processes as well as the use of data governance in decision making. This research also addresses some core questions surrounding data governance, such as the viability of a golden source record, ownership and responsibilities for data, and the optimum placement of a data governance department. The findings will provide a model for financial services companies hoping to take the initial steps towards better data quality and ultimately a data governance capability

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