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Common challenges of data governance
Journal of Securities Operations & Custody,
13
(1),
23-43
(2020)
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
The full article is available to subscribers to the journal.
Author's Biography
Rajib Chakravorty is a global banking data management specialist and strategy leader with more than 25 years of successful delivery experience across the B2C and B2B, technology, banking and financial services market sectors. He has a wealth of expertise in data management, data strategy and solution architecture and a strong track record of delivery for internationally renowned organisations, including banks like HSBC, Lloyds and RBS and renowned vendors like Temenos, Oracle and Teradata. This has included experience of driving change management, business analysis, data management, digital transformation, migration to Cloud including hybrid cloud options and multitenants, analytics centres of excellence development, Microservices management, data storage and security including compliance, reference data, credit and market risk, stress testing and Software Development Life Cycle (waterfall and agile). His achievements include the successful launch of the first-ever Temenos Data Warehouse Module for Management Information, which is now subscribed to by a host of top banks around the world. He has also developed the Oracle Financial Services Analytical Applications (formerly Reveleus) Basel II solution framework, Credit Risk and Transfer Pricing solutions, which have become an accepted solution globally for large Tier 1 banks like Citibank, Lloyds Banking Group, Wells Fargo and Indian Banks like Axis Bank and Indusind Bank. His clients include some of the largest global and regional banks like HSBC, Lloyds Banking Group, RBS, Deutsche Bank, Barclays Capital, Nationwide — UK, African Banking Corporation — Zimbabwe, ICICI Bank — India, OCBC Bank — Singapore and Malaysia, Woori Banking Group — South Korea, Bank Islam — Malaysia, Citi Group and GE Consumer Finance — UK. Rajib is a prominent speaker on data management and risk data aggregation at conferences across the globe.
