Effective Data Governance in Banking
Data quality has gained a lot of attention in the business press in relation to recent regulations and corporate governance requirements that mandate attention to improved corporate data quality. Unfortunately, most companies have been taking data quality for granted when it comes to effectively managing the business and preparing financial statements. Data quality issues can be costly. In fact, the Data Warehouse Institute estimates that data quality problems cost U.S. businesses more than $600 billion a year. This paper reviews the main issues facing today's banks, as well as an approach to designing, implementing, managing and maintaining an effective data governance support structure - all while helping banks maintain compliance to government regulations.