Data Governance Planning Essay

1302 Words May 22nd, 2013 6 Pages
Data Governance Planning

Introduction
Organizations collect process and store enormous amount of data, a growing number of applications/systems, which support various lines of businesses, have been collecting more and more data through various channels. Mergers and acquisitions have made the situation even more complex and confusing when it comes to the management of data and business processes. Data governance is about management of the availability, usability, integrity and security of the data. Some of the key focus areas are data quality, data integration, policies around privacy, compliance and security, the data warehouse and BI, architecture integration and analysis and data access, in terms of archival, retrieval and storage
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The data could contain: * Account numbers * Balance information * Deposit information * Transaction information – This is data that would provide information on changes in the commercial claims between the bank and their business partners. * Account and deposit movements * Business trades * Loans
There are many regulations that govern data. These regulations cover topics that include access, security, privacy, theft and rights. A bank's primary federal regulator could be the Federal Deposit Insurance Corporation, the Federal Reserve Board, or the Office of the Comptroller of the Currency. There are some acts that have been introduced by the government to aide in providing protection of information. IT-related issues include policy and standards on record retention, protection and destruction, online storage, audit trails, integration with an enterprise repository, market technology: * Sarbanes–Oxley Act of 2002 - is a United States federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. As a result of SOX, top management must now individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. Also, SOX increased the independence of the outside auditors who review the accuracy of corporate financial statements, and increased the oversight role

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