Data Governance

Research by McKinsey found that data governance is one of the top three differences between firms that capture this value and firms that don't. Data governance is applicable throughout the data lifecycle. But data governance works best when it is implemented early in the data lifecycle. Designing a strong data governance framework rest on three key components: what data to govern; how to govern data; and what organization mechanisms are required to govern data. Executing the data governance framework requires striking a balance between guidelines and control, and access and empowerment. This in turn is dependent on the: role of regulations in the industry; resources available; and culture of data sharing and collaboration. While working with business partners, especially external business, data compliance to external data standards is very important as external data compliance standards are generally accepted by the industry, such as ISO 27001, SOC 1, and SOC 2.