GL5057 Group Assessment Solution

Data Governance Management Policy

ABSTRACT

Data is one of an organization’s most valuable strategic assets. Managers and employees in the company must make excellent judgments, that is, ones that produce outcomes. As a result, they must develop guidelines and standards to assure compliance and deal with ambiguity, noncompliance, and other concerns. The data management framework enables the organization to do just that by allowing it to make informed decisions about how to manage data and ultimately realize its value, as well as reduce costs and complexity, manage risk, and ensure the organization can meet the organization’s ever-increasing demand. must adhere to regulatory, legal, and governmental mandates

INTRODUCTION

Data management is the exercise of decision-making and power over data concerns. Data / information dominance is defined by Gartner as the establishment of decision-making powers and an accountability framework to assure acceptable behavior in the measurement, creation, storage, use, storage, and deletion of information. It consists of procedures, responsibilities and rules, standards and metrics that enable the effective and efficient use of information in order for the company to fulfill its objectives. Data Management (DG) is a diversified combination of roles, rules, and permitted technologies that work together to guarantee that an organization’s data assets are maximized. The DG strategy must be connected with business processes and IT across the enterprise in order to be successful and sustainable.

OBJECTIVES OF DATA GOVERNANCE

  • Define, create, and disseminate data strategies, policies, standards, structures, procedures, and measurements.
  • Adherence to and enforcement of data policies, standards, structures, and procedures
  • Support, monitor, and supervise the completion of data management initiatives and services.
  • Managing and resolving data-related problems
  • Improve the quality of high-grade business data.
  • Consider data to be an asset.

DATA MANAGEMENT BENEFITS

  • Data security and dependability: Data management may help you improve the security, dependability, integrity, accessibility, and quality of your data. An successful information management plan involves a set of rules, obligations, standards, and laws that apply to all sorts of data that come into the company in the future.
  • Reduce time and cost: Because data is arranged in a specified manner, retrieving information requires less time and resources.
  • Better Decisions: Data Management is concerned with data quality. Quality data assists in making the best decision at the correct moment.
  • Compliance: Data Management develops methods and rules to maintain data secrecy and confidentiality, therefore contributing to compliance needs and assisting the firm in avoiding legal risks.

DATA MANAGEMENT DETAILS

  • Persons: The Data Management Team is made up of persons from inside the company who have clearly defined roles and responsibilities, appropriate resources to carry out their duties, and clear instructions for all data management objectives. They are in charge of defining the fundamental principles, policies, and procedures that govern critical aspects of data classification, protection, use, and management.
  • Company policies, guidelines, standards, policies and strategy documents, data quality indicators, and business regulations are all part of the procedure. An organization must identify threats to data security, privacy, and compliance with the context of a specific data flow when establishing the process; analyze related risks; and determine appropriate control objectives and regulatory functions.
  • Data processing, record systems, applications, data quality, and compliance monitoring tools are all examples of technology.

SUCCESSIVE MODELS

  • Suspension: Individual business users keep their primary data in this model. This strategy guarantees that data is generated by local users, who are typically the consumers of this critical data. This model is best suited for a small firm or a single business unit.
  • Positioned: This data management strategy is distinguished by one or more business units that incorporate important information storage. In this paradigm, one single institution is in charge of establishing primary data based on requests from major data purchasers. This is most effective in big and medium-sized enterprises with several business divisions.
  • Hybrid: In a hybrid model, the central management body specifies the control framework while individual firms construct their own particular core data components. The Rule is in one location, while the executions are in another. Suitable for medium and large businesses with several business divisions.

STEPS TO IMPLEMENT DATA CONTROL

1) Obtain Critical Business Data and Procedures

2) Describe the Governance Framework that governs these procedures.

a) Who will be held accountable, responsible, affected, and/or informed for choices involving these critical business data processes?

b) How will these choices be made and carried out?

3) Use Data Quality Metrics to track data quality performance and improve the DQ school card.

COLLECT AND PROCESS CRITICAL BUSINESS DATA

  • Obtain critical business information
  • Data models and a record-keeping system (SoRs)
  • Data caliber
  • Administration and management
  • Data Issues Have Been Resolved
  • Data synchronization
  • Meta Information
  • Data Storage, Archiving, and Cleaning
  • Data access permission
  • Data Security
  • Procedures for Making Applications
  • Controls for Data Appearance and Authorization
  • Data input safeguards
  • Controls for Data Processing
  • Controls for data output
  • Border Protection
  • Random Data Problems
  • Repository of text
  • E-mail

SPECIFY THE GOVERNANCE STRUCTURE

1. Who has Decision and/or Decision-Making Rights to make choices concerning critical data processes?

2. What will the data management practices be (i.e., what decisions will be made and how will they be monitored)? • Structures for Making Decisions

• Alignment Methodologies

• Channels of communication

3. Form an Information Management Council.

• It is a business that operates in the other direction.

Members from various areas of business. The major business lines are represented.

• Data management SMEs offer data and technology solutions to assist with data management.

• There is a set of authorized standards that serve as the principles of alternative management, dispute resolution, investment, metrics, and data and quality reporting.

• Senior management, data managers, project managers, and other stakeholders are all communicated with by the Council.

DATA GOVERNANCE PYRAMID

The pyramid structure represents the number of participants at each level as well as the amount of data relationships. A small group of managers provides support, any necessary cultural shifts, and the incentive to push the system. In other circumstances, they may even make far-reaching judgments, such as altering how people are encouraged to drive. Data Administrators represent their company’s activities, designate Data Managers, and make business choices based on Data Management suggestions.

• Executive Board of Directors

  • It fosters the cultural changes required to manage data as assets and successfully handles all areas of the business environment. Adapt the organization and tools as needed for effective Data Management.
  • Creates and promotes the Data Management system’s goal; approves the Data Management Board’s budget.
  • Balances business priorities and operational requirements across the organization
  • Approves policies for data management
  • Examines, analyzes, and reports on official support for Data Management’s efficacy and efficiency.
  • Provides Data Administrators with help, guidance, counsel, and feedback (members of the Data Management Board).
  • Ensures that data decisions complement the strategic direction of the company.
  • Represents their company direction and proposals for the adoption and execution of corporate policies and processes.
  • resolving issues presented by the Data Management Board.

DATA CONTROL BOARD

  • Has the ability to fund budgets for data management development Prioritizes data-related choices to address the most important demands of the business. Reviews, assesses, and reports to the Executive Committee on efficiency and effectiveness
    • Ensures that yearly performance measurements are consistent with Data Management and business objectives.
    • Examines and approves Data Management policies and goals.
    • Finally, you are accountable for the use of business data, data quality, and prioritization.
    • It is in charge of making strategic decisions and strategies.
    • Reviews and, if applicable, accepts suggestions provided by Data Management Council members.
    • Provides the Data Management Council with Business Data Managers.
    • In the Data Management system, represents all data stakeholders. Ensures that data management is properly represented and participated in within the organization.

• Data Stewardship Council Data Management Council, comprised of Business Data Stewards, completes the Data Management Pyramid.

  • They are specialists in the use of data for their database.
  • Capability to gain access to SMEs in order to obtain information and make judgment
  • Make suggestions on data decisions and document data-related procedures.

IT Support through Technical Data Managers

IT Technology Management Managers play an important role in providing technical expertise in assisting Data Management activities with systems and performance evaluation on suggested improvements and data quality concerns. IT services have been officially allocated to this position by IT managers and are required to react to Data Governance requests for help in a timely way as part of their routine activities. These are generally the most senior programmers, webmasters, and application owners.

Office Data Management System

The Office of the Data Management System is in charge of the Data Management project, which involves documentation, communication, and enforcement (DGPO). The Program Office should have a diverse set of operational resources, including at least one full-time program manager. Data Quality Performance Management via Data Quality Metrics and DQ Improvement Card Enhancement

  • Organizations require a method to establish data quality requirements in order to monitor data compliance.
  • Organizations should be able to create data quality standards, as well as offer a method for identifying breaches and analyzing the reasons of data failure; and, finally,
  • Organizations must be able to develop and communicate with the business customer community the amount of trust they should have in their data, which necessitates a way of measuring, monitoring, and tracking data quality.

EXAMPLE: DATA CONTROL IN THE OIL AND GAS INDUSTRY

Oil and gas firms frequently struggle to maintain data quality. Engineers spend a significant amount of time looking for information. As a result, the product is often low. It has a detrimental influence on the decision’s quality. Good data management is necessary to maximize the value of critical corporate data.

The procedures listed below might help you develop excellent data management in the oil and gas business.

  • Obtain high-value business information
  • Formalize a Policy
  • Assign Accountability
  • Create a data center and a data structure.
  • Encouragement and Persuasion
  • Train and Connect

The following will be included in the standard O&G data management framework:

1) Interpretation and prioritizing of data:

a. Which data characteristics are most essential to a business?

2) Authority and Accountability Matrix:

b. Who owns the information?

c. Who has the ability to accomplish it using data?

3) Work flow:

 d. How does data move throughout the process?

4) Data Quality Assurance Metrics (DQ):

e. What is the quality of the data and where are the gaps?

5) Governance, enforcement, monitoring and decision-making:

f. Who expresses an opinion?

g. Who is watching?

h. Who is in charge of budgeting for databases, applications, and integration?

I. Who is in charge of DQ postings and works to enhance completeness, correctness, and punctuality?

RECOMMENDATION

The notion of creating data for commercial value is not new; nevertheless, effective data usage has become the foundation of competition. As corporations amass more data, it is critical that the data be managed efficiently. Companies that use good data management can save millions of dollars. Value data will never be shown unless active data control is used. To carry out data management operations, decision makers should form a formal or informal data management team. Every company should identify its high-value data, data managers, data levels, and data collects, as well as develop proper data standards and processes. Based on its size, structure, and financial capabilities, it can select a medium, non-centered, or mixed data management performance model. Strong data management does not imply the removal of costly IT technologies; rather, it entails fostering a data-driven culture that begins with good knowledge practice and raises awareness about the value of data.

CONCLUSION

Data drives today’s world. Regulation compliance and expanded data integration are two prevalent activities that benefit from data management. Complete corporate data management improves the quality of high-value data in our day-to-day operations, leads to increased data access and usability, and improves technology investment decisions. The necessity of high-quality data necessitates continuous monitoring. As a result, data management is critical in today’s corporate climate. Good judgments can only be made on the basis of good / high-quality data. Data management is an important business tool in the development of a data-driven culture.

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