A Common Sense Approach to Data Governance

Introduction

As financial institutions become more and more data-driven, an effective data governance strategy becomes increasingly important.

Data governance has been a buzz word in the industry for quite a while. But what does it really mean? The term data governance refers to the rules, policies, and procedures that ensure data accuracy, reliability, compliance, and security.

Often, financial institutions struggle to establish an effective data governance strategy because there is so much ambiguity around this topic. Many FIs simply don’t know where to start.

At Lodestar Technologies, we believe in a common-sense approach to data governance. An effective strategy centers around the people, processes, and technology involved in the over- arching data strategy at your organization.

• People
  Who is responsible for managing your organization’s data? Who is using the data? How are they using it?
• Process
  What processes are in place for collecting data, and how do you ensure that data is accurate and complete? What processes are driven by data you have collected?
• Technology
  How many data sources do you use to access data? Are you leveraging a data warehouse?

This white paper was created as a framework to help financial institutions gain the knowledge and confidence to get started with their data governance strategies.

Read on to discover the competencies that should be included in your data governance plans, along with stages of data governance maturity and guidance on how to assess your organization.