In this webinar Data Governance 2.0, Data Stewardship & Privacy: Best Practices to operationalize Data Strategy, Peter Kapur talked about re-imagining Data Governance from 2008 Crisis to the opportunity of Data Monetization and Revenue Optimization. Here are some of the main points:
Data Governance – Historically, has focused on Compliance and Regulations.
Data Governance 1.0 came to prominence in the after-math of the financial crisis to satisfy Regulators for financial data certification (BCBS 239, Sarbanes–Oxley).
Frameworks were creating imbedding Governance components (DAMA, DMBOK). Assessments/Checklists were created (DCAM, DMM). Privacy and Data Protection were added to framework to continue the compliance and Defense path.
Data Governance 1.0 framework with Policies and procedure was used across industries even ones not directly impacted by 2008 but based on keeping regulators at bay.
Data Governance 1.0 Industry Best Practices – Limited Operationalization Isolated from Business, Data Innovation & Big Data.
Primary focus was not to provide Business value or solve problems but to satisfy regulators. Assumption was that once Policy/Standards/Best Practices were written, everyone would follow them.
While Data Governance was steeped in 2008, Data took on strategic value to companies focusing on Data Transformation leveraging Big Data for Operational Efficiency & Revenue Optimization.
Initially Data Governance attracted IT Governance professionals to support Regulations, but the profession is now more diverse. There is tremendous opportunity in Data Governance innovation.
Data Governance 2.0 – Operationalization, Adaption & Enabling Business Innovation.
Evolving Data Governance from a perception of “Policy & Compliance” to delivering tangible value and innovation to the business.
Part of Data Governance 2.0 is already underway with companies embedding Data Governance with Data Strategy & Analytics.
Business Sponsors, Data producers and Consumers are critical to the creation of a “connected” Data Strategy that enables strategic re-use.
Data Stewards are the heroes of Data Governance.
Senior Data Stewards must have a Data Leadership position to build Data Culture.
It must be more than Metadata and Business Terms and must be involved in a holistic view of Data Assets.
They must be involved in the maturation of Data Asset Catalog in an organization.
Within these issues, Peter Kapur presented a definition of Data Governance in line with Anjana Data’s vision: “Data Governance is a system for defining who within an organization has authority and control over data assets and how those data assets may be used. It encompasses people, process, and technologies required to manage and protect data assets”. If you want to know more about how Anjana Data can help you in your data strategy by changing the vision of data governance in your organization, request a demo.