While Data Governance projects can be motivated by a desire to improve data quality, they are more frequently motivated by C-level executives responding to external laws. According to a recent research performed by the CIO WaterCooler community, 54% said the major reason was process efficiencies, 39% said regulatory needs, and only 7% said customer service. Sarbanes-Oxley Act, Basel I, Basel II, HIPAA, GDPR, cGMP, and a number of data privacy regulations are examples of these regulations. Compliance with these requirements necessitates formal management processes to govern the data subject to these regulations in corporate operations and controls. Effective programmes identify drivers that are important to both supervisory and executive management.
The necessity to control risk is a common issue throughout external rules. Financial misrepresentation, unintended leaking of sensitive data, or poor data quality for important choices are all dangers. The methods used to manage these risks differ by industry. COBIT, ISO/IEC 38500, and other often cited best practises and guidelines are examples. The proliferation of legislation and standards poses difficulties for Data Governance professionals, especially when various policies overlap the data being managed. To overcome these issues, organisations frequently initiate data governance efforts.
Read More- https://coherentmarketinsightsus.blogspot.com/2023/04/by-implementing-policies-and-standards.html
