Information—in both electronic and paper form—is the lifeblood of every organization. If it is mishandled, the potential for liability is immense. A comprehensive governance strategy will help organizations understand their data’s value and minimize its vulnerabilities.
Deloitte member firms deliver data risk services that offer a proven methodology for identifying, analyzing and quantifying data risks. By enhancing data quality, data accuracy, data governance, and data analytics, an organization can transform its data from a corporate liability to a corporate asset.
Common data challenges by industry(For illustrative purposes only)
| Financial Services | Technology, Media & Telecommunications | Healthcare & Life science | |
| Data quality | My organization struggles to get a complete picture of its customers, since our mortgage and savings teams have different customer information. | We repeatedly get complaints that customers' bills are going to their old addresses—even though they’ve told us they moved. | One of our patients had to have a transplant reversed because the blood type had been recorded incorrectly. |
| Data migration | A number of our trading processes have high latency as we still rely on “legacy” mainframes to extract and process some of the data. | Why am I paying to support two billing systems, four years after the old one was supposedly ”replaced”? | I often don’t have patients’ medical history on my new system, and have to wait for the paperwork to come in the mail. |
| Data Governance | No single team understands or owns the data. Errors in key reports go unresolved as every team thinks someone else is responsible. | Each system tells me a different number for my annual sales volumes. How many new customers have we gained? | There’s yet another story in the press about documents on a USB stick left on a train. |
| Data Analytics | We can’t accurately assign credit risk scores to our customers. | I have no way of telling who my effective call-center advisors are. | We have no idea how to prioritize medical appointments to reduce waiting room congestion and delays. |