Improve Data Quality, Manage Risk, Maintain Compliance
Any successful MDM initiative requires best practice data governance. Successful enterprises understand that distilling data into sound business intelligence requires an internal watchdog to ensure information that is received, distributed, marketed, and acted upon is uniform and accurate. For CBIG’s clients, data governance is the most critical component of improving data quality, managing risk, measuring accurately, and often maintaining compliance with government regulations.
Since data governance stresses both the quality and control aspect to the management and usage of data, CBIG’s work to improve our clients’ data governance standards involves a top-down evaluation of data processes, measuring their data’s accuracy, accessibility, consistency, and completeness. Datasets often include the customer master, product master, sales force alignments, “type” management, and various business hierarchies.
In collaboration with client teams that typically include executive leaders, department heads and IT stakeholders to act in the roles of data owners and data stewards, CBIG determines a strategy to improve how our client partners manage and control their information. A plan to address issues in data quality may include, for example, consolidating incompatible databases, restructuring business procedures after mergers, sharing critical information between departments, and reducing redundant processes.
With respect to risk management, CBIG consultants help clients develop processes to maintain compliance with federal and state regulations that include but are not limited to Sarbanes-Oxley, Basel I, Basel II, and HIPAA. Accounting, marketing, personnel and client data are subject to many of these compliance issues which can overlap and evolve over time, and CBIG helps clients develop systematic processes to flag inconsistencies and stay ahead of changing regulations.
If your business is experiencing any of these challenges, CBIG’s data governance experts would be pleased to speak with your team about devising and implementing a data governance program to help your organization better manage and control your enterprise data.