The need for data governance is becoming increasingly important in the world of rules and regulations.
… But why should you care?
First, let’s tackle definitions. While there are many different definitions out there, Resultant’s Data Governance Expert, Paola Saibene, describes data governance as the following:
Data Governance converges and maximizes data management practices and frameworks, cybersecurity practices, data privacy, national and international level regulations and frameworks risk management proper. The result of this convergence is certified data, but all that encompasses more than just data; it includes the comprehensive financial, strategic, and operational levels as well as third party risk management. Third party management includes vendor contractual and procurement practices, as well as innovation and digital transformation practices. That whole ecosystem then surrounds the data we leverage from each of those so that we are mindful and influential over all the entities in the lifecycle management. We get to do some heavy lifting that is only made possible through data governance.
– Paola Saibene, Resultant
So what does data governance do?
What data governance does is it entrenches itself into a business and then appropriately quantifies and ranks data through certain standards. After that, data governance passes the ball to cybersecurity and describes how to protect that specific kind of data. When you look at cybersecurity, it’s going to ask which data is sensitive, what the value of it is, and then categorize it.
Once cybersecurity assesses the data, data governance comes back in to ensure there are guardrails for the purpose limitations (as well as many other practices), takes the ball from cybersecurity, and then gives it back to privacy.
Privacy has its own categories of regulation, but the business is the one that gets to say how something is used, for which purpose, and what the limitation is; privacy relies on the business to remain faithful to their regulations.
This interchange of passing the ball back and forth results in the creation of business tools. These business tools then become the owners of the data itself.
Data governance extends from the point of capture to the residents that use the transformation, the representation, and visibility, all the way to the retention schedules, final purge, destruction or archival of the data. Governance gets to say who can and cannot touch certain data under any conditions, whether it’s clean or not- and that all gets formed through standards and policies.
Without this governance, there could be data inconsistencies across different systems within an organization. This could result in many complications when it comes to data integration efforts and could also weaken the integrity and accuracy of business intelligence.
How does Resultant approach data governance?
Resultant’s Govern by Design™ methodology is a very holistic approach to data governance because it maximizes the effect to the greatest extent. Resultant is one of the few organizations that merges the landscapes of data science and data governance, as well as digital risk. In quantifiable terms, this yields the competitive advantage that the organization can have outwardly, and creates great efficiencies inwardly.
We understand that in a very fast paced environment, and with the constant need to remain competitive in the marketplace, we must trust the data. We must rely on it so well so that we reduce the liability and march forth with the latest developments in order to do that. Organizations can’t afford to have a governance program that is simply static or that must rely on other entities to make sure everybody is doing their part.
Data governance needs to have an extremely proactive approach in order to accelerate the certification of the data. Then, once the data is certified, organizations can ensure that their innovations, digital transformation efforts, or any other initiatives similar in nature can truly run with confidence and trust anchored in the process.
Have additional questions or interested in connecting further on what it might look like to implement data governance with an expert? Feel free to reach out to our team.