The effective compliance tool monitors change, alerts the organization to risk conditions, and enables information accountability.
Data Management Life Cycle: Information Management has to break down silos, to keep information flow and apply an integrated and holistic information life cycle management solution to conquer challenges and generate business value rather than try to “control” it. Data governance is critical especially as we move to the on-demand model; data is an asset that needs to be protected and used properly.
Information (data) is a resource over which the governing body should exercise oversight, for which the governing body should delegate certain responsibilities and for which the governing body may well define some policy regarding how decisions are made. Then, we can correctly see data management as being the tasks and responsibilities delegated to management as part of the governing body’s governance activities.
Data Quality: Data Governance, for the most part, relates to the maintenance of quality data. Data quality does not end with managing the incorrect entry of information, but the logic of data has to be taken into account too. One of the data quality perspectives is that, instead of having a variety of data quality properties, which are unrelated or independent to a number of different organizational forms that users have to translate or decipher, the focus should be on one standardized format that can be used by a number of users within classified user groups.
Keep in mind though, Data Quality doesn’t mean you pursue the perfect data, but the good enough data being transformed into information, business insight and human wisdom. In order to provide meaningful and insightful reporting or business intelligence, data governance is essential. Think about it, you will not be able to understand the performance of your company or measure it without good quality data and data governance ensures that you can get your hands on it.
Data Compliance: One more thing needs to always keep in mind is regulatory compliance. That will be the driving principle behind your data or IT governance. Once you've taken care of compliance, governance seems to flow out rather easily for no other reason than compliance, which takes a lot of effort and control these days.
The effective compliance tool monitors change, alerts the organization to risk conditions, and enables information accountability. This requires a common process to deliver real-time accountability and transparency across regulatory areas with a common system of record to monitor regulatory change, audit and measure the impact, implement appropriate corrective actions, and update policies.
In order to manage data life cycle more effectively, the whole issue of governance is there to be put in place in the context of the business process that the data is supporting, and enforce data governance via technical processes, methods, and knowledge, take a holistic approach for processing and refining information to improve the organizational decision effectiveness and achieve its business value.
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