Common challenges of data governance

Rajib Chakravorty
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Rajib Chakravorty: Director, Vinayak Data Management, UK

Journal of Securities Operations & Custody, 2020, vol. 13, issue 1, 23-43

Abstract: This paper focuses on the challenges that an organisation faces in the implementation of data governance. The inclusions in the paper range from the definition of ‘data governance’ to leadership participation, data strategy, roles and responsibilities, related budgets and ownership, training and communication plan, organisational cultural aspects (with respect to data) and business value for sustainability of data governance. The paper elaborates some of the challenges and highlights the lacunae in the process like business value of data governance. Before creating any governance structure, it is required to spend more time contemplating the ‘prime directive’ for data management. And the prime directive is straightforward and simple. It means to deliver to the end user, data that they have trust and confidence in, and that is precisely what they expect it to be, without the need for manual reconciliation and multiple transformations. This is the goal of data governance. The paper also provides in-depth information about data governance and why it is critical for organisations. In this paper, one will get an overview of the challenges involved and how data governance can help the organisation; a clear idea of the benefits and risks; a look at practical, real-world examples and the details of the components of an effective data governance programme. In addition, it will also articulate the characteristics of a data-driven culture and the 8-Point Data Governance Model that can be utilised to design and develop a scalable, fit-for-purpose data governance programme for any organisation.

Keywords: data governance; data quality; data silos; data strategy; sustainability; data ownership; data culture; principle; metrics; data stewards (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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