Best practices in data governance
It’s very important that data has a sound governance strategy. The reason for that is there’s many ways in which the data can be used throughout various processes within the firm.
There are a number of best practices to put in place around data governance. The first is to take a step back and really understand what data you need to collect from who and why.
You also then need to be able to utilize that data in such a way that it’s going to bring further benefits to the firm. So, it may be mitigating risk — but also be business development. And also being able to contact your clients and say, “We know about your services and what you provide. We want to do more for you.”
Firms should take a number of steps to clean data, and often it’s misunderestimated how much work that can be. But once done, it’s very, very beneficial. So, for example, to start by looking at existing data in your databases and your systems to come up with a strategy to clean that data up, to make sure that your data is accurate and that you can start to report on that.
And what’s therefore helpful is that when your data is coming in through the client onboarding process, you have a very robust process to check the data integrity. And that opens up a whole host of opportunities and potential.
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