Data Governance: proven steps to transform Information into an Asset

Transcription

1 Data Governance: proven steps to transform Information into an Asset

2 Apple Maps vs Google Maps Source:

3 Bad business because of data Make your customers very unhappy Market starts questioning the company Start a battle with your partners Explode your support operations

4 Bad business because of data Forced to reorganize & dump talent Keep paying to fix your mistakes Recommend competition to customers

5 Google: data driven business

6 Business Data Growth and Challenge TREND Exploding volume, velocity and veracity of data NEED Manage data complexity SOCIA L CONSUME R-ISATION OF IT NEED DATA AUTHORITY DATA MATURITY TREND Increased reliance on analytics and regulatory reporting NEED Business dependency on trusted data Business data is growing in scale, complexity and velocity as companies strive to gain access to more diverse data sets that span cloud services, social technologies and mobile devices

7 The IT / Business Struggle

8 Data Utility - The Problem Need for greater agility and utility of business data Requires appropriate ownership and control Avoid pitfalls of reactive practices that limit scope and purpose of data Need to identify and trust the right data assets Insights derived from data are often nuanced in shades of grey, not black or white. Once the data is embraced, it becomes clear that it s not a simple proposition because the data itself lacks contextual pointers.

9 Business Data Authority LEADERSHIP CIO ROLES Information Manager Data Architect Data Modeler TECHNOLOGY Hadoop, Databases, Data Integration LEADERSHIP Chief Data Officer ROLES Data Governance Manager Data Steward TECHNOLOGY Data Stewardship Platform LEADERSHIP CEO, CFO, VP Marketing ROLES Data Scientist Business Analyst TECHNOLOGY Visualization Self-service BI Business Data Authority: Data Governance & Stewardship provide the right level of control and trust in data.

10 Data Stewards LEADERSHIP Chief Data Officer ROLES Data Governance Manager Data Steward TECHNOLOGY Data Stewardship Platform Data Stewards enable the process of data management. Managing the business glossary curating reference data handling classifications, taxonomies and hierarchies setting up policies and rules measuring compliance monitoring quality and resolving issues facilitating data sharing

11 Governance & Stewardship

12 Applying Data Governance

13 Roles & Responsibilities Mary Smith Chief Steward (Finance) Bob Brown Data Governance Officer Data Governance Council Mike Jones Chief Steward (Sales) Emma Miller Data Governance Manager Data Governance Manager Data Governance Working Group Finance John Fisher Data Steward Sales Judy Clark Business Steward

14 The process of data management Intake / Proposal Review, approval, voting Escalation Issue management I put my heart and my soul into my work, and have lost my mind in the process. Vincent Van Gogh Data Sharing Security classification Policy audit

15 Detect and research the issue I think I have a problem with my data

16 Communicate the issue Guys, I have a problem with my data

17 Hoping for feedback in the communication Yup. There seems to be a problem with his data

18 Processing the issue /dev/null

19 Report, Resolve, Notify Assignment Review Escalation Resolution Report & Triage Notification

20 Shopping on Amazon

21 Data Sharing Find the data assets you need for your business process Stay compliant with the rules & policies that apply to those data assets Coordinate with the relevant stewards, stakeholders and owners for the data logistics

22 Shopping for data

23 Controlling your data sharing CONFIDENTIAL DATA We were not able to ship the data to your business unit / department / system / country / because of legal & risk issues. This request for data sharing has been flagged. Please consult your legal department. Have a nice day.

24 Stewardship Metrics

25 Data Quality Reporting

26 Case Study: Enabling Data Governance with the Project Lifecycle

27 Enterprise Data Management Why now?

28 Where to start? Thousands and thousands of different data elements It takes significant time and effort to define, categorize, relate to business terms, establish governance, etc. Not all data elements are equally important to business or corporate functions Regulatory pressure is increasing and much more data points are required at higher frequency Some data elements are required by auditors, counterparties, etc. Basel s Principles Governance Data Architecture and infrastructure Data Accuracy and Integrity Completeness Timeliness Adaptability Reporting accuracy Comprehensiveness

29 Find out what is critical Business Lines Equities, Fixed Income, Wealth Management... External Critical Data Elements Corporate Functions Auditors, Clients, Counterparties... Critical Data Elements Regulations Critical Data Elements Risk, Compliance, Finance... Critical Data Elements Dodd Frank Act, Basel III, FATCA...

30 and use it to drive change Move from report based delivery to data element based delivery Select Critical Data Elements based on business line and corporate function needs, regulatory and external requirements Streamline internal (e.g., MA) & external reporting Show proof of control over data: regulatory forbearance & compliance as well as overall increased internal efficiency Deliver faster at lower cost

31 DG Focus During Program Year 1

32 Objectives of EDM Project Lifecycle Integration

33 EDM Project Lifecycle Integration Framework

34 Data as an asset? Jeff Immelt GE CEO Companies must rethink data sharing Company strategy built around data sharing Shift from being manufacturer associated with jet engines to an organization where information is an asset Source:

35 Thanks! Learn more at