In a highly regulated business environment, it is a challenging task for IT organizations to manage data-related risks and compliance issues. Despite investing in the data value chain, C-suites often do not recognize the value of a robust data governance framework, eventually leading to a lack of data governance in organizations.
Therefore, a well-defined data governance framework is needed to help in risk management and ensure that the organization can fulfill the demands of compliance with regulations, along with the state and legal requirements on data management.
To create a well-designed data governance framework, an IT organization needs a governance team that includes the Chief Data Officer (CDO), the data management team, and other IT executives. Together, they work to create policies and standards for governance, implementing, and enforcing the data governance framework in their organization.
However, to keep pace with this digital transformation, this article can be an ideal one-stop shop for CDOs, as they can follow these four principles for creating a valued data governance framework and grasp the future of data governance frameworks.
The Rise of the Chief Data Officer (CDO)
Data has become an invaluable asset; therefore, organizations need a C-level executive to set the company’s wide data strategy to remain competitive.
In this regard, the responsibility and role of the chief data officers (CDOs) were established in 2002. However, it has grown remarkably in recent years, and organizations are still trying to figure out the best integration of this position into the existing structure.
A CDO is responsible for managing an organization’s data strategy by ensuring data quality and driving business processes through data analytics and governance; furthermore, they are responsible for data repositories, pipelines, and tools related to data privacy and security to make sure that the data governance framework is implemented properly.
The Four Principles of Data Governance Frameworks
The foundation of a robust data governance framework stands on four essential principles that help CDOs deeply understand the effectiveness of data management and the use of data across different departments in the organization. These principles are pillars that ensure that the data is accurate, protected, and can be used in compliance with regulations and laws.
C-suites should accept the changes and train themselves through external entities, such as academic institutions, technology vendors, and consulting firms, which will aid them in bringing new perspectives and specialized knowledge while developing a data governance framework.
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