What is Data Governance and Why is it Critical for your Organization?

BDO in the Boardroom

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1y ago 22:24

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Key Takeaways:

The NEED: Data governance programs exist to manage change in data assets overtime.
The WHAT: Data is an intangible asset that is constantly evolving and has a host of characteristics that make it difficult to manage compared to traditional assets.
THE WAKE-UP CALL: When surveyed, 95% of respondents felt data governance programs were unsuccessful.
The PITFALLS: Poor data governance stems from: poor data quality, lack of enforcement of policies and procedures; and data security and privacy practice that don’t evolve with hacker sophistication.
The HOW:

- Board directors should be asking corporate management the following:

- Does the company have a data governance program?

- Is the data governance program working? How do you know?

- What assistance does the data governance program need from the board?

Directors should encourage management to decompose data governance problems into smaller initiatives and ask for stratification of data governance decision-making so that people at the right level are making decisions about data.

Resources:

Data Privacy and Governance Checklist for the Board

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#MBA #Entrepreneur #Business #BDO USA #Erica Orsini #Corporate Governance