Deploying effective data governance to achieve key business priorities

With more data available to us today than ever before and the volume continuing to grow exponentially, companies are looking to unlock the power of data. To do this effectively, companies need reliable data enabled by strong governance. The consequences of a compromise are just too large not to focus on. For example, adopting a relaxed approach to governance can increase a company’s risk of data breaches, ransomware, and unexpected data loss, all of which can introduce reputational risk to a company.

The challenge is that some companies may not recognize the value that a sound governance model can create. In a Deloitte Dbriefs polling survey gathering organizational insights on key business priorities and data governance, only 11% of respondents indicated that they have a strong governance structure currently in place, and only 10% believed that finance data governance is a key benefit to the organization (figure 1).