There are exciting opportunities for enterprise risk data and insights specialists to play a pivotal role in the execution of risk information management and analytics processes and the delivery of data-driven insights to inform risk-based decisions within your business. Identity is a crucial component in protecting access to data no matter where it resides. Leading financial institutes recommend establishing a single, protected financial data source, which often means lessening dependence on spreadsheets in favor of dedication financial management software.
Using your enterprise data management (EDM) platform, customers can receive commodity transaction data from multiple systems, regardless of format. A data-driven business depends on the effective use of complex information technology systems, the safeguarding of data from cybersecurity risks, and the protection and responsible, transparent use of consumer data in accordance with applicable privacy regulations and good stewardship practices.
Data is the foundation of digital transformations, supporting ways to generate innovations, streamline operations, reduce costs, and assist in better business decisions. Risk data governance at many institutions is likely in need of enhancement in order to provide the accessible, high-quality, and timely data that is required for stress testing. Operational risk management and other applications (including data governance concepts) consist of enterprise-level authority and accountability for effective data asset management and help to establish and monitor data policies, standards, practices, decision rights, and accountabilities for managing, using, improving, and protecting organization information and corporate data.
Managing implies governance to ensure that assets are managed in a uniform manner across your enterprise. As corporate data becomes more accessible to employees via mobile devices and the cloud, it is important for organizations to keep up with security practices to make sure that the right employees have access to the data that they need. Ultimately, organizations want data to work for them, and governance is an essential part of making data work for your business.
Ensure regulatory compliance by engaging your business, IT, and data security teams in governing data of all types across your enterprise to guarantee compliance. Cyber risks affect every organization no matter its size or sector and should therefore be included in management and governance processes.
Business continuity programs are often considered on a standalone basis, but recent incidents that involve security breaches have highlighted how business continuity, disaster recovery, security, and management teams are all compelled to work more closely together in order to understand the true likelihood and impact of potential disruptions to business. Some organizations assign owners to data, while others shy away from the very concept of data ownership to enterprise risk governance. Improving data management, embracing technological changes, and streamlining regulatory change capabilities will help prepare and position institutions for any new regulatory requirements.
It has become increasingly clear that neither the traditional no modern approaches to collecting raw data can scale to address the challenges that organizations are facing moving forwards. Corporate governance is a set of instructions and best practices that enable your organization to achieve its goals and communicate its success to the respective stakeholders. Optimal governance, risk, and compliance demands transparency when it comes to your business processes in particular.
Although maturity levels will vary by organization, data governance is generally achieved through a combination of people and processes, with technology used to simplify and automate aspects of the process. If the data cannot be kept accurate, up to date, reliable, and secure, risk could increase across business, operational, and compliance domains, to name only a few potential impacts.
Want to check how your Enterprise Data Governance Processes are performing? You don’t know what you don’t know. Find out with our Enterprise Data Governance Self Assessment Toolkit: