This article was originally published 26 May 2020.
The question that we get asked most often by clients in relation to Data Governance is – Where do I start and how do I ensure we don’t over spend on implementing Data Governance?
It is no secret that organisations are generating and storing more and more data on a daily basis. Working from home during COVID-19 often results in sensitive data being accessed and processed remotely. If not governed correctly, this scenario can cause organisations significant reputational damage and potential financial penalties.
The impact of poor Data Governance however stretches much further than this, as it may impact on:
- The customer trust relationship with an organisation storing customer data
- Regulatory or legislative compliance
- Impaired reporting and decision making
- Increased Data Management costs.
So where do organisations start and how do they hone their Data Governance effort and spent?
At BDO, we have defined a Data Governance assessment and remediation approach that will help our clients focus on what matters most and target their spending through:
- Alignment to their corporate and data strategies
- Re-aligning current organisational roles and responsibilities, processes and tools to facilitate improved Data Governance
- Ensuring Data Governance is included in existing organisational standards, policies and procedures
- Establishing an environment that is endorsed by the Executive Leadership team that fosters the right organisational culture.
While it may not be possible to completely remove Data Risk due to human error, implementing the above approach will go a long way towards mitigating this risk.
Need assistance?
To discuss the best approach to Data Governance for your business, please contact one of our technology advisers.