Data Governance is the collection of policies and rules of a firm or organization that layout roles and responsibilities with respect to data management, including data ownership and data quality roles and responsibilities.
One of the key outputs of data governance is an overarching Data Quality Management Framework where roles, responsibilities, policies etc. are documented
Principles of good data governance, especially by regulated institutions include the following:
- The responsibilities of business area owners include
- ensuring data are correctly entered, kept up to date and aligned with the institution’s data definitions;
- ensuring that data aggregation capabilities and reporting practices are consistent with the institution’s policies.
- IT owners are responsible for supporting the operation of the systems for data collection, processing, transformation and storage during the entire life cycle of the data.
- Different business areas and IT owners may be appointed throughout the data life cycle. However, each data source, IT system and process step should have an assigned business area and/or IT owner that can be formally identified.
- ECB guide to internal models - Credit Risk, Sep 2018