WHY DATA GOVERNANCE

Data governance helps to ensure that data is usable, accessible and protected. Effective data governance leads to better data analytics, which in turn leads to better decision making and improved operations support.

DATA GOVERNANCE STRIVES TO PROVIDE A HIGHER LEVEL OF DATA INTEGRITY BY UTILIZING:

• Data cleaning
• Data matching
• Data standardization  

BENEFITS OF DATA GOVERNANCE:

• Official versus ad hoc data definitions: A data governance program establishes consistent definitions that are to be used across the organization, as well as acknowledges when alternative definitions of a data element are used for ad hoc analysis.
• Clear responsibilities: Governance programs put in place responsibilities associated with maintenance of data (the data steward), sensitivity of the data (security classification), access and processes on how data definitions changes will be communicated across the institution.
• Establishes processes for Multiple Sources of Data: A data governance program recognizes that there are various data sources and establishes processes, best practices and tools to enable the use of these.
• Accurate, reliable, and high-quality data for analytics: To ensure well informed conclusions and actionable decisions, analytics must be based on accurate, reliable, and high-quality data, and it must rely on merged records from multiple systems (identity matching).