Survey Reveals Urgency of Data Governance Projects Among Financial Services Firms

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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.”

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