Mastering the Art of Data Governance: Data Inventory
To steer your organization toward data governance excellence, we present a comprehensive roadmap comprised of sixteen key milestones. Each step will take you closer to harnessing the full potential of your data while ensuring regulatory compliance and data security
Step #3: Create a comprehensive data inventory. Identify all data assets, their sources, and how they are currently managed within the organization.
Data Management
- Data Collection: XYZ collects data from various sources, including customer applications, policy documents, claims data, accounting systems, marketing automation systems, customer service systems, regulatory filings, and data vendors.
- Data Storage: XYZ stores its data in a variety of formats, including structured data (e.g., relational databases), semi-structured data (e.g., XML, JSON), and unstructured data (e.g., documents, images, videos).
- Data Access: XYZ grants access to data to employees based on their role and need-to-know basis. Access is controlled through role-based access control (RBAC) and data encryption.
- Data Quality: XYZ regularly checks its data for accuracy, completeness, and consistency. Data quality checks are performed as part of data collection, data transformation, and data loading processes.
- Data Security: XYZ protects its data from unauthorized access, disclosure, use, modification, or destruction. Security measures include firewall protection, intrusion detection systems, data encryption, and access control.
- Data Retention: XYZ retains its data for the appropriate period of time. Data retention policies are determined based on regulatory requirements, business needs, and data sensitivity.
Data Governance
XYZ has established a data governance framework to ensure that its data is managed effectively and compliant with regulations. The data governance framework includes:
- Data governance policies: Policies that define the roles and responsibilities for data management, as well as the procedures for data collection, use, storage, and disposal.
- Data governance roles: Roles that are responsible for overseeing data governance activities, such as data stewards, data quality managers, and data security officers.
- Data governance tools: Tools that are used to manage data assets, such as data dictionaries, data catalogs, and data quality dashboards.
By having a comprehensive data inventory and a well-defined data governance framework, XYZ can effectively manage its data assets and comply with regulatory requirements. This will allow the company to make better decisions, improve its customer service, and reduce its risk exposure.
