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Common challenges of data governance

Author

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  • Chakravorty, Rajib

    (Director, Vinayak Data Management, UK)

Abstract

This paper focuses on the challenges that an organisation faces in the implementation of data governance. The inclusions in the paper range from the definition of ‘data governance’ to leadership participation, data strategy, roles and responsibilities, related budgets and ownership, training and communication plan, organisational cultural aspects (with respect to data) and business value for sustainability of data governance. The paper elaborates some of the challenges and highlights the lacunae in the process like business value of data governance. Before creating any governance structure, it is required to spend more time contemplating the ‘prime directive’ for data management. And the prime directive is straightforward and simple. It means to deliver to the end user, data that they have trust and confidence in, and that is precisely what they expect it to be, without the need for manual reconciliation and multiple transformations. This is the goal of data governance. The paper also provides in-depth information about data governance and why it is critical for organisations. In this paper, one will get an overview of the challenges involved and how data governance can help the organisation; a clear idea of the benefits and risks; a look at practical, real-world examples and the details of the components of an effective data governance programme. In addition, it will also articulate the characteristics of a data-driven culture and the 8-Point Data Governance Model that can be utilised to design and develop a scalable, fit-for-purpose data governance programme for any organisation.

Suggested Citation

  • Chakravorty, Rajib, 2020. "Common challenges of data governance," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 13(1), pages 23-43, December.
  • Handle: RePEc:aza:jsoc00:y:2020:v:13:i:1:p:23-43
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    Citations

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    Cited by:

    1. Rajesh Chidananda Reddy & Biplab Bhattacharjee & Debasisha Mishra & Anandadeep Mandal, 2022. "A systematic literature review towards a conceptual framework for enablers and barriers of an enterprise data science strategy," Information Systems and e-Business Management, Springer, vol. 20(1), pages 223-255, March.

    More about this item

    Keywords

    data governance; data quality; data silos; data strategy; sustainability; data ownership; data culture; principle; metrics; data stewards;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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