Survey Reveals Urgency of Data Governance Projects Among Financial Services Firms

By on

financial data governance x300by Angela Guess

A recent article out of the company reports, “Eagle Investment Systems LLC, a BNY Mellon company and leading provider of financial services technology, together with Waters Technology, has released a white paper offering new research on where the market currently stands in relation to the implementation of formal data governance policies. The research reveals that only a small minority of global financial services firms can claim to have a mature data governance strategy in place. However, the survey also found that more than 80% of survey respondents believe their organizations recognize the value of data as an asset and over 40% view the implementation of a formal data governance strategy as an immediate priority.”

The article continues, “The white paper, ‘Command and control: Establishing a formal data governance strategy,’ published research from a survey of technology and data management professionals. Beyond highlighting the benefits of a formal data governance strategy – including material improvements in the accuracy, security and accessibility of data – the paper also underscored the potential threats inherent to a less-structured approach. Nearly 60% of respondents reported operational inefficiencies as a result of not having a formal strategy in place, 15% cited lost clients, and nearly 10% revealed that their organizations have suffered a security breach. Moreover, 41% cited increased data complexity due to the deployment of multiple systems.”

Read more here.

Leave a Reply

We use technologies such as cookies to understand how you use our site and to provide a better user experience. This includes personalizing content, using analytics and improving site operations. We may share your information about your use of our site with third parties in accordance with our Privacy Policy. You can change your cookie settings as described here at any time, but parts of our site may not function correctly without them. By continuing to use our site, you agree that we can save cookies on your device, unless you have disabled cookies.
I Accept