What is Data Governance?
Data Governance is the formal management of data assets within an organization. It incorporates the systems, people and processes that are involved in the storing, processing, understanding, socializing and owning of data within an organization.
Many companies are realising the power of data and the value that is has to offer. No longer is Data Governance implemented just for regulatory compliance. It has the ability to set the foundation for maximum effect with the use of data and empowers teams and individuals to do more with data and take advantage of opportunities in a fast paced, competitive world.
A Data Governance program covers areas such as Data Stewardship and Ownership, Data Quality, Data Dictionaries and Catalogs, and others areas to help companies understand and control their data assets and focus on the proper management of data. It can also cover data security and privacy, integrity, usability, integration, compliance, availability and overall management of internal and external data flows.
Why Data Governance?
Why RXP Group?
RXP is a leader in the Data Governance space and in addition to RXP’s own internal frameworks, we partner with industry leading, trusted vendors such as; Collibra, Erwin and Informatica. We have delivered many successful Data Governance projects across APAC from a diverse range of industries, including; ; Banking (Retail and Commercial), Gaming, Investment Banking, Utilities, Government Regulators, Insurance, Retail and Technology.
A sample banking case study is shown below. If you would like to talk with us about Data Governance, then please contact us or complete the form below on this page. We also offer workshops and training packages to get companies started with Data Governance.
Data Governance Case Study
A leading, global bank. Client references available on request.
Key Focus Areas
Data Governance Systems and Processes Implementation, Vendor Selection, Change & Organizational Culture, Risk Management, Data Dictionary & Catalog, Compliance (BCBS 239, MiFID II, MiFIR, GDPR).
The client is a leading global bank. Over the years due to business diversity, growth, product expansion, legacy systems and business activity such as acquisitions, several different types of data were introduced to the company. This data was stored in various platforms and databases, both within the organization and with cloud/SaaS vendors. The lack of unified data management standards created problems and prompted questions such as; What types of data are available within these databases? Who ultimately owns the data? Where is the data stored? Is data being merged upstream with other data sets before being used in reports? Can we respond quickly and with confidence to any data requests from regulators? How robust is our regulatory reporting?
The client was also struggling to effectively share and use their data to generate business value and they did not have a single view of their customers. This resulted in lost opportunities for revenue and created risk for the business and left them vulnerable to failures in regulatory requirements such as BCBS 239, MiFID II/MiFIR and GDPR.
Working with the client’s data projects team, specialist consultants from our Hong Kong Data Insights team planned, developed, and implemented a strategy for a data governance solution to support their data governance initiatives. After consultation, planning and review of available tools within the industry, Collibra was chosen as the data governance solution for their data challenges and to ensure they were meeting regulatory requirements. Our consultants helped the client ascertain their existing enterprise data governance maturity level and performed a gap analysis on prerequisites for a successful implementation. Collibra was designed, configured and deployed to meet the use cases and agreed operational model. Our consultants also determined a migration & rollout strategy to the wider business and proposed a Change & Training approach to suit the organizational culture.
The Outcome & Benefits
The client now has an overarching data management office to execute actions outlined in the data strategy. They now have a clear vision on how to facilitate the execution of the Data Roadmap. The business now has timely access to the information they need, without having to engage IT or other areas of the business. RXP is now engaged in delivering Phase Two, focusing on practical use of the data strategy components to drive data culture, value awareness and continuous improvement.
Please complete the form below to talk to one our consultants about Data Governance: