4 Guiding Principles of a Solid Data Governance Framework

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power mast frameworkby Angela Guess

Marc J. Firenze of Wall Street and Technology recently wrote, “Data governance seems to be an issue with which many firms in all sectors are locked in a perpetual struggle. Even when C-level executives pay close attention to how their data is managed, the struggle continues. Despite a swath of regulation addressing the handling and privacy of data over the last couple of decades, the task of building a data governance framework is still frequently underestimated and misunderstood. There are three common misconceptions we often see when it comes to data governance frameworks that can significantly hamper a successful implementation. First, many think it’s a fairly straightforward and simple thing to implement (wrong). Second, many leaders feel that it’s a largely technical initiative that relies on building validations into data flows in order to trap errors (wrong). And finally, some feel that it’s a project that runs for a finite amount of time with a definite end date (wrong again).”

Firenze continues, “A successful data governance framework implementation should be founded on the following guiding principles: (1) Information is an asset and should be viewed and managed as a valued resource. It is tempting to approach data governance by simply focusing on connecting the pipes, especially when budgets are tight and resources are spread thin. However, good data is an asset and needs to be recognized as such by the business. In order for data to be leveraged appropriately, businesses need to own the data, manage the process by which it is sourced, and institute an organization-wide data governance vision.”

Read more here.

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