Why Data Governance
Data has become the lifeblood in today’s world – essential to running key company operations, driving decisions and informing strategies in nearly every industry. As the volume and complexity of both structured and unstructured data increase at an exponential rate, so too does the need for a discipline to maximize the value of data, manage risks and reduce costs. Without this discipline, organizations will lack the ability to discover novel insights through trusted analytics, become exposed to the risks of financial penalties and reputational damage as a result of non-compliance with data regulations, and be left behind as competitors forge ahead into the realms of increased digitization, Big Data and advanced analytics.
Thankfully, Data Governance can help. A well-crafted Data Governance strategy is fundamental in today’s fast-moving and highly competitive enterprise environment. As organizations continue capturing massive amounts of diverse internal and external data, there is a growing need to understand and articulate how your business can rely on and drive value from this strategic asset through well-governed, consistent processes and responsibilities.
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What is Data Governance
Data Governance is the collection of clearly defined policies, procedures, standards, processes, roles and responsibilities that ensure the effective and efficient use of data in enabling an organization to achieve its goals. At its core, Data Governance defines who can take what action, upon what data, in what situations and using what methods.
Business drivers will shape the structure of an organization’s Data Governance program, which will in turn inform the strategic, tactical and operational roles and responsibilities required to carefully control the capture, storage, maintenance, consumption and destruction of data across the enterprise. If a business driver in your Data Governance strategy is to ensure compliance with data privacy regulations, for example, client data will need to be managed securely as it flows through your business. Retention requirements (i.e., history of who changed what information, when and how long you retain client data before destroying it) will be defined to ensure compliance with relevant government regulations, such as the California Consumer Privacy Act (CCPA).
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Kenway’s Data Governance Methodology
For Data Governance to be successful, an organization must first understand how a Data Governance program can align with its business strategy and drive long-term, sustainable value. At Kenway, we enable this understanding by partnering with organizations to identify the most critical pain points and high-value use cases while establishing a Data Governance mission and vision in alignment with corporate objectives.
After understanding where the Data Governance program will drive the most business value, Kenway assesses an organization’s Data Governance maturity across six key domains. The results of the assessment are then synthesized with the top-priority use cases to create a clear roadmap and actionable plans to begin implementing a Data Governance framework and addressing your organization’s most critical needs.
Once a roadmap and actionable plans are defined, Kenway partners with organizations to translate the plans into results. From writing anchor and identifier policies, to building a Data Governance organization and framework (i.e., centralized, hybrid, decentralized) that best suits a firm’s needs, to implementing Data Governance tools and technologies (e.g., Collibra), Kenway has the passion, expertise and skills needed to partner with you at any point in your Data Governance journey and begin maximizing the value of your data.
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As an organization, we are driven by our Guiding Principles. This means acting with integrity and communicating effectively to provide our clients with the highest quality of consulting services. Our experts embody these principles in everything they do, and have combined experience working with and for Fortune 500 companies in regulatory, compliance and technology capacities, preparing these clients for the road ahead.