Jon Cohn Exton PA - Data Governance Best Practices

Without a doubt, data has become the raw material of the information economy,
and data governance is a strategic imperative.
Data is valuable. As the challenge of protecting customer data mounts, more and
more businesses are embracing data-governance strategies to manage the
information that serves as the lifeblood of the company. Without a doubt, data
has become the raw material of the information economy, and data governance
is a strategic imperative.
Increasingly, companies seeking competitive advantage are also leveraging data
governance to proactively add value to the bottom line. It is about getting the
right information to the right people at the right time and enabling the entire
organization to seize new opportunities rather than simply operating in a
reactionary way.
Such opportunities dont wait, and neither do crises. Businesses need to know
whats happening not just in their own organizations, but also within all of the
companies they touch, whether they are vendors, customers or partners. Having
real-time access to information is crucial. It is important to know where the data
resides and what it is worth, and calculate the probability of risk and cost to the
organization in the event that its stolen.
With more than a billion people connected online today, we are at the dawn of a
data explosion, and it is becoming increasingly difficult to manage and control
the terabytes of data residing within different parts of the organization. Many
companies use the fortress method, a big thick perimeter wall to keep out the
bad guys. But this method can be problematic since not all data has the same
value, not all risks are outside the perimeter, and not all controls can effectively
prevent fraud. The fortress model of data security creates a one-size-fits-all
approach, allowing organizations to overprotect low-quality data and
underprotect high-value information like customer account details or employee
Social Security numbers, regardless of business context or use.
Governing data today is an organizational responsibility, and there is clearly a
need for common solutions and governance models to protect and share data on
different levels across the organization. Moreover, the complexity extends
beyond structured customer data. Organizations are concerned about governing
access to many types of data including unstructured content, trade secrets,
financial data, patient information, video, audio, etc.
Beyond new methods to protect data, effective data governance can play a vital
role in driving new business opportunities and retaining existing customers by
improving overall data quality and business intelligence. Companies seeking to
get a true handle on their data must go beyond simply protecting it.
Here are six simple steps that every company can take today to govern data
successfully:

Step 1: Get a governor and the right people in place to govern

The first step in any successful data-governance program is identifying an
individual within the organization who carries the delegated authority of the CEO
and making that person accountable to make things happen. There is no
substitute for strong leadership.
Data governance is a political challenge that requires building consensus among
many diverse stakeholders. Political leadership within the organization is
therefore a priority. Once established, the governor can create a governing
council composed of organizational stakeholders to formulate stewardship
policies and report progress to the CEO and board of directors.
Step 2: Survey your situation
Once you have the leadership team in place, it needs to survey the territory and
inventory current practices across many diverse domains. The teams need to see
across the stovepipes, and an enterprise data-governance assessment
methodology is imperative for this task. It helps benchmark where the
organizations data-governance program is today and delivers a road map to
determine where it will be tomorrow.
Step 3: Develop a data-governance strategy
After the data-governance assessment, the governance council should look into
creating a vision of where it wants the companys data-governance practices to
be in the next few years, thereby creating a vision for the future. The council
should work backward, and create realistic milestones and project plans to fill
relevant gaps by establishing key performance indicators to track progress and
deliver annual reports to the CEO and the board to validate results.
Step 4: Calculate the value of your data
If companies dont know what its worth, they cant enhance, protect or measure
the value of the data to the bottom line. Data isnt a normal commodity. Its like
water out of a tapvital to life yet so often taken for granted. But you cant
calculate the value of something if you dont know its price.
If you want to calculate the value of your data, build an internal marketplace for
data based on user entitlements and the utility of IT services. When everyone in
an organization is paying for IT services and data directly, the value of data is
part of the business P&L.
Step 5: Calculate the probability of risk
Knowing how data has been used and abused in the past is an indicator of how it
might be compromised and disclosed in the future. Every organization has
causes, events and losses that are lost in stovepipes, hierarchies and business
reports. This data is already available and unused by most organizations.
Collecting it, relating its meaning and studying loss trends over time can help
any organization transform risk management into a fact-based, business

intelligence method for analyzing past events, forecasting future losses and
changing current policy requirements to improve your mitigation strategies.
Step 6: Monitor the efficacy of your controls
Data governance is largely about organizational behavior. Organizations change
every day, and therefore their data, its value and risk also shift rapidly.
Unfortunately, most organizations assess themselves only once a year. If a
business isnt able to change organizational controls to meet demands on a daily
or weekly basis, it isnt governing change.
Data governance is much more than simple security, compliance or risk
management. Its all of them and more. Its a new composite discipline, bridging
organizational stovepipes to redefine the value and protection of data. Its about
how an organization uses data to benefit and protect itself. With high-profile data
breaches all over the news, data governance is on every CIOs agenda this year.
To manage risks, organizations must govern data usage and ensure effective
governance by putting in place a consistent method of documenting
organizational best practices and technology that supports the human decisionmaking process. Safeguarding corporate information and using improved data
quality will help companies not only keep auditors and regulators satisfied, but
also retain customers and drive new business opportunities.

Source : cio.com
Recommended by :
Jon Cohn ,CTO , VP IT Architecture
https://www.linkedin.com/in/jonacohn
joncohn@comcast.net

"Jon Cohn Exton PA" "Jon Cohn Exton" "Jon Cohn Evolution"

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