About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

The Missing Piece of the Data Governance Puzzle

Subscribe to our newsletter

The benefits firms expect to gain from effective data governance include higher quality data, a reduction in duplicate processing and reduced costs, but reaching these gains is not always easy as firms report a shortage of technical capability around data governance, problems with legacy systems, and a lack of management buy-in and budget.

In terms of getting measurable results from data governance that can be shared meaningfully with the business, most firms say they can do this, although many suggest they are just starting or can only provide measurable results to a limited extent.

The implementation and deliverables of data governance were discussed during a recent A-Team Group webinar, which include audience poll questions about potential gains from effective data governance, issues holding up implementation, and capability to deliver measurable results from data governance programmes.

The webinar, The Missing Piece of the Data Governance Puzzle, was moderated by A-Team editor Sarah Underwood, and joined by Garry Manser, head of data governance at Visa Europe; Dhivya Venkatachalam, a head of data governance practice; and Matthew Rawlings, head of middle office and operations at Bloomberg.

Setting the scene with a look at progress on data governance and the results of the audience poll on what is holding up implementation, Rawlings said some firms are already running successful data governance programmes, but others are struggling to make progress due to a lack of management buy-in, shortage of skills, and use of generic vendor tools. Manser highlighted the need for both management and employee buy-in, and Venkatachalam pointed to the problem of data governance budgets being tied to specific programmes, such as regulatory programmes, leaving no direct budget for data governance.

Moving on, the panel discussed key elements of data governance and how it can best be implemented. Rawlings described meta data as the missing piece of the puzzle and considered the potential of applying open data technology initiatives to data governance as firms transition to open data platforms. Manser also noted the requirement for meta data, as well as the need to identify what data should be governed rather than boiling the ocean, and the consequential ability to understand which systems can be switched off.

The audience poll on benefits of effective data governance showed respondents expecting to gain improved data quality, reduced process duplication, reduced costs, a better understanding of systems, and new business opportunities. Adding to these benefits, the panel said effective data governance can also improve firms’ capital management, data distribution and brand protection at a time when losing data and incorrect use of data can be the cause of not only regulatory fines, but also reputational damage.

Listen to the webinar to find out about:

  • Progress on data governance
  • Establishing strong data governance
  • The importance of meta data
  • Achieving measurable results
  • Benefits of effective data governance
Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Hosted/Managed Services

This webinar has passed, but you can view the recording here. The on-site data management model is broken. Resources have been squeezed to breaking point. The industry needs a new operating model if it is truly to do more with less. Can hosted/managed services provide the answer? Can the marketplace really create and maintain a...

BLOG

GoldenSource Plans Product Innovation Following Acquisition by Gemspring Capital

GoldenSource is planning to innovate its enterprise data management (EDM) and master data management (MDM) solutions, and accelerate global growth following its acquisition by Gemspring Capital. Product innovation will include building and buying adjacent solutions to the EDM platform. GoldenSource CEO John Eley, describes the acquisition as a strategic investment in the company’s growth. He...

EVENT

Data Management Summit New York

Now in its 12th year, the Data Management Summit (DMS) in New York brings together the North American, capital markets enterprise data management community, to explore the evolution of data strategy and how to leverage data to drive compliance and business insight.

GUIDE

Practicalities of Working with the Global LEI

This special report accompanies a webinar we held on the popular topic of The Practicalities of Working with the Global LEI, discussing the current thinking around best practices for entity identification and data management. You can register here to get immediate access to the Special Report.