{"id":14082,"date":"2019-11-28T08:33:57","date_gmt":"2019-11-28T08:33:57","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=14082"},"modified":"2019-11-28T08:33:57","modified_gmt":"2019-11-28T08:33:57","slug":"good-data-governance-is-just-as-important-as-having-good-data","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/good-data-governance-is-just-as-important-as-having-good-data\/","title":{"rendered":"Good data governance is just as important as having good data"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Data now rules our lives. But when data is of poor quality and\/or not handled properly, both businesses and consumers can suffer. This makes good data governance of the utmost importance for financial institutions. Ultimately, good data governance should have the goal of achieving and maintaining coherence and consistency across all data assets. To accomplish this, financial institutions should:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Assess all the data types they use, with an eye toward building a quality assessment, management and monitoring system that collects, stores, secures and utilizes all data appropriately<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Assess potential data management systems, given consideration not just to the data but also to data users and their reasons for needing the data<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Adopt an institutional culture of good data governance that understands the importance of data<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Evaluate data and data systems regularly to ensure data (and its processing mechanism) retains its value<\/span><\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-14082 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Open banking changing the landscape of the financial services industry'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/open-banking-changing-the-landscape-of-the-financial-services-industry\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/Open-Banking-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-8538\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/Open-Banking-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/Open-Banking-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/Open-Banking-768x768.jpg 768w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/Open-Banking-1024x1024.jpg 1024w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/Open-Banking.jpg 1378w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8538'>\n\t\t\t\tOpen banking changing the landscape of the financial services industry\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='The future of physical bank branches'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-future-of-physical-bank-branches\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/03\/close-up-of-messy-table-with-co-workers-background_1098-2912-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-8856\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8856'>\n\t\t\t\tThe future of physical bank branches\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='6 ways financial institutions in Singapore are using Big Data'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/6-ways-financial-institutions-in-singapore-are-using-big-data\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/11\/6-ways-financial-institutions-in-singapore-are-using-big-data-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-13959\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13959'>\n\t\t\t\t6 ways financial institutions in Singapore are using Big Data\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Data now rules our lives. But when data is of poor quality and\/or not handled properly, both businesses and consumers can suffer. This makes good data governance of the utmost importance for financial institutions. Ultimately, good data governance should have the goal of achieving and maintaining coherence and consistency across all data assets. To accomplish &hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[197],"class_list":["post-14082","post","type-post","status-publish","format-standard","","category-fintech","tag-data","b_post_type-bfc-recommends"],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=14082"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14082\/revisions"}],"predecessor-version":[{"id":14083,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14082\/revisions\/14083"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=14082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=14082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=14082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}