Data governance serves as a framework within organizations to appoint individuals with authority and control over data assets, and deciding how these assets can be used. This comprehensive approach involves the integration of people, processes, and technologies to effectively manage and safeguard data assets.
According to the Data Governance Institute, it can be described as ‘a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods.’
Similarly, DAMA International defines it as the ‘planning, oversight, and control over management of data and the use an of data and data-related sources.’
Successful organizations continuously enhance their operations and gain competitive advantages by using data. Robust data governance and ingrained accountability play a crucial role in safeguarding business interests and customer/ partner data. This approach fosters innovation and mitigates risks, creating a favorable environment for growth.
Formulating a well-defined data governance strategy ensures that data is handled in alignment with an organization’s objectives and industry best practices. Establishing data ownership and accountability compels organizations to take responsibility for data collection, storage, and utilization. Accountability is foundational for maintaining data privacy, security, and ethical use, enabling organizations to make informed business decisions confidently and adhere to diverse industry regulations.
In his LinkedIn Post Senguttuvan Thangaraju outlined the importance of data ownership and accountability:
Online Event – Thursday 25th January 4pm BST – in partnership with ComplyKEY. The topics covered during the webinar will include:
✓ Stakeholder engagement, data ownership and responsibilities
✓ Understanding your data assets and what they’re used for
✓ How central compliance, legal and IT teams can support key stakeholders
✓ Tips on creating concise but informative policies and procedures to help your teams
✓ Monitoring and reviewing your progress