Governance principles, processes, and practices need to be assessed, evaluated, and modified periodically to address the latest trends, increasing business management effectiveness, performance, and resilience.
Data governance puts policies and regulations into action to manage data access and ensure data privacy and protection. Regulations and governance are critical, especially with the rise of AI, to ensure ethical use, public safety, and accountability.
To ensure data accuracy, organizations should focus on several key principles and processes. These include:
Data Collection and Storage: Collect and store data effectively. Raw data must be processed into a usable format for analysis, and errors and inconsistencies should be minimized through cleaning processes.
Data Transformation: During the transformation step, clean the data to fit the analytical needs and the data warehouse schema. This may involve changing formats for certain fields, removing duplicate records, or renaming fields.
Data Analysis: After the data are effectively collected and cleaned, they can be analyzed with a variety of techniques. Descriptive data analysis uses statistics to organize and summarize data, making it easier to understand the broad qualities of the dataset.
GDPR Principles: Adhere to core principles such as data accuracy, data integrity, and privacy.
To maintain transparency, security, and accountability, consider the following points:
-Transparency: Transparency is vital for building trust between companies and their stakeholders in environmental, social, and governance (ESG) matters. It involves providing clear, accurate, and timely information about financial performance and key risks. Transparency ensures that stakeholders can hold companies accountable for their stated goals with sustainability objectives.
-Security: Computer security is the protection of computer systems and information from harm, theft, and unauthorized use. Security measures include tracking user access and activities, storing data on separate devices, and encrypting data. Firewalls filter data traffic between internal networks and the Internet. Intrusion detection systems monitor information systems for anomalous events.
-Accountability: Transparency and accountability, combined with robust oversight, internal controls, and ethical leadership, demonstrate a company’s commitment to effective risk management and long-term strategy. Measures like the General Data Protection Regulation (GDPR) enforce the responsibilities of organizations regarding data collection and grant individuals control over their personal data. Organizations must be fair, transparent, and able to demonstrate compliance.
Big Data and AI technology are at the top of the agenda in the majority of organizations. Governance principles, processes, and practices need to be assessed, evaluated, and modified periodically to address the latest trends, increasing business management effectiveness, performance, and resilience.
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