Setting data governance policies, roles and responsibilities and instituting processes that ensure data is managed effectively reduces the risk of non–compliance with regulatory and industry standards. Streamlining processes for the sake of regulatory compliance also helps organizations to reduce the cost of non-compliance while increasing operational efficiency and preventing data mismanagement.
It has become a major focus in tech, cybersecurity, and risk management industries. Without a data governance framework and a clear data governance strategy, it is difficult to ensure that your organization is properly adhering to today’s complex and evolving regulations.
The explosion of big data, and the ease of web connectivity, virtually any company that does business online or collects data (even for marketing or analytics) needs a clearly defined data governance regulatory compliance strategy.
The EU’s Payment Services Directive has been in force since September 2019. It introduces data governance regulatory compliance implications for financial institutions such as the introduction of Strong Customer Authentication and secure certificates.