The Data Governance Platform Enablers – Financial Services Journey Collecting, Cataloging and Disseminating Metadata
This presentation tells how a large Financial Services selected and implemented its Enterprise Data Governance Platform.
Under the sponsorship of Senior Executives, the organization owner of the Data Policy initiated the creation and establishment of the Data Governance Platform. Its key drivers are to support the Data Strategy and all its units in alignment with business priorities, proven compliance, and auditable practices.
Some of the aspects that we will mention are:
- Business metadata (e.g. definition, ownership, classification, policies/restrictions) about Data Domains and underlying critical data elements (CDEs) maintenance. Systems lineage including data flows
- Full end-to-end data lineage including attribute-level system lineage and business and technical transformation rules for key CDEs
- Data lineage and metadata information maintenance as changes occur and are reviewed at minimum annually on the Platform. Data Domain Stewards lead the maintenance of business metadata including domain-specific policy documents, while Data Custodians lead the maintenance of technical metadata
- Critical data assigned classification which identifies confidentiality, protection, privacy, access and availability controls or restrictions
- Data subject to ongoing assessment of key data risks categories. Preventative and detective controls to address and mitigate identified risks for CDEs
- Data Quality defined and monitored for all CDEs to ensure data is fit for purpose. At minimum, data quality measures must cover the following dimensions: Accuracy, Completeness and Timeliness
- Issues related to critical data must be appropriately documented, tracked and remediated. Cross-functional and cross-domain data issues must be logged
- Maintaining an inventory of approved Authoritative Sources which allow data to be shared efficiently with minimal impacts to source Systems of Record
Dr. Ron Klein plays a leading role in enabling organizations to leverage the value of information assets by providing governance, data quality and the facilities to determine what information is available, it’s meaning, where it is, how it got there and how to use the information asset. As Global Data Governance and Standards Leader for one of the Big-Four Accounting and Consultants firm and several Financial Services organizations, he provided guidelines and standards for all participant firms, functions and markets.
He consults, promotes and raises awareness regarding information sharing, reuse and information best practices. He is the 2007 Wilshire Metadata Best Practices Award Winner as lead Metadata practitioner at a large Financial Institution. Dr. Klein current research includes Data Analytics and Data Strategy. He is an excellent communicator and has taught quantitative methods, data analysis and data management courses through Ryerson University and speaks regularly at international industry events, DAMAI functions and Financial Conferences.
Ron Klein, The Data Governance Platform Enablers