Data governance provides an overview of the path of data through an organisation, focusing on the people responsible for its creation, retention and disposal. In order to avoid degradation in quality and ensure the information stored is fit for purpose, data governance defines processes and policies overseeing the ownership and controls over data while ensuring flexibility to accommodate unforeseen changes in business practices and models.
Without appropriate and effective data governance, the degradation in data management can lead to a break-down in trust and confidence in data and subsequently decisions based on that data can be compromised.
Poor data governance also exposes an organisation to the risks presented by poor legal and regulatory compliance and a lack of data traceability and transparency – examples include Sarbanes-Oxley, sanctions screening, data protection and other initiatives. These risks can have an adverse impact on costs, employee efficiency and customer experience.
Deloitte’s data governance approach takes a people-centric focus to the challenges above. We start with the organisation’s vision and use that to inform and define the ownership, policies, processes and standards that govern the capture, creation, exploitation and proliferation of information and data. We link data governance explicitly to data quality and data security challenges and to the underlying technology platforms on which data sits.
Deloitte’s Data Analytics team includes subject matter experts to help our clients understand both what data governance capabilities organisations should focus on building and how to approach this challenge.