What is data governance?

The core data governance imperatives should be simple and understandable to the business units whose participation and adherence to data governance regimes determine the effective implementation of data governance. In this article, we will consider what is data governance and how to organize it.

Key principles of the data governance approach

The term data governance stands for holistic management of data over their entire life cycle in a company or organization. The management includes processes, methods, and written specifications on how to deal with the data to ensure compliance with data security, data protection, data integrity, and data quality. As a rule, there is a complete program for data control, data planning, and data provision.

So, elaborate principles of data management are a component of the successful implementation of a data management strategy in an enterprise. First of all, treating data as an important real and measurable strategic asset, increasingly a key factor in decision-making in organizations, encourages a careful approach to data management processes that ensures data accuracy and reliability. Effective data management implies the involvement of all departments of the company in data management and a clear formulation of accountability and responsibility for data defined for each level, with access to data organized through authorization and authentication.

Establishing standardized data management policies, including those targeted at regulators, and their rigorous implementation will guard against risks and non-compliance. Data access rules, data definition, privacy policy, security standards will help to avoid data chaos. Data requires constant, consistent testing and management of its quality and tracking of its changes over some time. Data auditing, provided with a transparent verification model, is typical of a successful business.

The goals of the data governance

Data governance ensures clear rules and specifications for handling data, thereby creating added value for the company. Central terms when dealing with the data are:

  • data quality
  • data maintenance
  • privacy
  • data security
  • data compliance.

For these areas, data governance provides suitable processes and tools to comply with relevant standards. In the area of data quality, it must be ensured that the data is complete and up-to-date, and available. Data maintenance takes care of the enrichment and correction of data records. In the area of data protection, the focus is on the compliant handling of confidential data. Data security prevents unauthorized access and reading of data. Finally, data compliance ensures compliance with legal requirements or internal company and industry standards.

Virtual data room – a perfect solution for data governance

Modern organizations understand the full breadth of possibilities when using the concept of data-driven management. Thus, companies can use data management platforms like virtual data rooms to work effectively with data.

Digital data room is a cloud-based solution for storing sensitive data and real-time collaboration between contractors. It is a full-packed platform for building corporate data management systems that provide centralized data collection, information standardization, current and historical information accounting, data quality, and statistics.

Data room ensures the following features for business data governance:

  • Creation, viewing, editing documents and content from anywhere and any device 24/7;
  • Teamwork with the whole team online, processing documents simultaneously by different users, tracking and controlling document versions;
  • Enhanced audit and monitoring capabilities, granular management of data access rights and confidential information;
  • Improving operational productivity with smart automated technologies: built-in analytics, organizational structure, advanced user profiles, personalized e-cabinet, and much more.

The deal management module is designed to automate all stages of work with contract documents (draft preparation, approval, signing, registration, control of return from the counterparty). The module provides centralized storage of information on contracts and prompt search for the necessary data.

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