Most financial institutions recognize the value of data as an asset, although only a small minority have a mature data governance strategy in place. According to a survey conducted by Eagle Investment Systems and WatersTechnology that polled technology and data management professionals at global financial institutions, more than eight out of every 10 respondents believe that their organizations recognize and appreciate the value of data as an asset to their business. Nearly two thirds, however, indicated that their company does not currently have a mature data governance strategy in place – this at a time when data volume and the pace of data continue to grow exponentially.
Naturally, traditional methods of collecting and processing this information have struggled to keep up. At the same time, financial institutions – like most other industries -- recognize the importance of developing innovative, automated systems and processes to ensure that data is managed efficiently and effectively on an enterprise-wide basis. But before organizations are in a position to truly control and leverage their data, a framework needs to be established that governs how and when data-related processes are executed; who, internally, oversees the data; and, finally, what mechanisms and safeguards are in place to validate the output and ensure data quality.
This white paper explores, where the market currently stands in relation to data governance and how organizations should proceed on their data management journey.