Achieving Regulatory Compliance The Devil Is In The Data Governance

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- The document discusses the importance of data governance for regulatory compliance and avoiding costly issues. It provides examples where poor data governance resulted in large fines for inaccurate public information. - It advocates assessing how well an organization manages common data governance issues, from being unaware to having full governance processes in place. Factors like data quality, management, and controls are important. - Without proper data governance, organizations risk inconsistent, inaccurate, or non-existent information which can mislead regulators and result in severe penalties. Attention to data accuracy and controls is crucial.

Business Technology

Achieving Regulatory Compliance The devil is in the data (Governance) Ken O’Connor – Professional IT Personnel Ltd. 22 Feb 2010

Ken O’Connor Data Governance Consultant ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What is Data Governance? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

July 2009 – Started my blog Ken O'Connor Data Consultant

I posted details of my “Data Governance Issue Assessment Process” ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

My blog has introduced me to Data Quality Professionals worldwide Dylan Jones editor@dataqualitypro.com - Coventry, UK Henrik Liliendahl Sørensen – Copenhagen Denmark Jim Harris Iowa, USA Phil Simon - New York, USA Charles Blyth - York, UK Dalton Cervo - Denver, USA Daragh O Brien - Wexford, Ireland Julian Schwarzenbach - Walsall, UK Phil Wright - London, UK Thorsten Radde - Germany Rick Wilson – USA Ronan Brennan - Dublin, Ireland

Data Quality Professionals worldwide experience similar Data Governance issues ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Why is Data Governance important? ,[object Object],[object Object],Rules Based ,[object Object],[object Object],Regulation

In USA, the Financial Crisis Inquiry Commission (FCIC) has begun hearings in Washington ,[object Object],[object Object],Data Governance

Inadequate Data Governance can cost $Millions ,[object Object],[object Object],[object Object],[object Object],[object Object]

What went wrong at Standard Life ? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Inadequate Data Governance

Exploring Standard Life further… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Could your organisation suffer the same fate as Standard Life? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Most Investment Managers believe… ,[object Object],[object Object]

People reasonably assume that: ,[object Object],[object Object]

Craigslist founder on Information Quality ,[object Object],[object Object],[object Object],[object Object],[object Object]

Let’s explore a classic “End of Food Chain” programme Vendor Solutions Client Responsibility BASEL II CRM Reporting AML SOLVENCY II External Audience Internal Audience Canned Queries Canned Queries Canned Queries Canned Queries Vendor Supplied Data Repository Extract Transform Load Etc. Accounts Transactions Products Customer Data source Data Population

Data Governance issues cost money… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Achieving Regulatory Compliance The Devil Is In The Data Governance

1. Achieving Regulatory Compliance The devil is in the data (Governance) Ken O’Connor – Professional IT Personnel Ltd. 22 Feb 2010

4. July 2009 – Started my blog Ken O'Connor Data Consultant

6. My blog has introduced me to Data Quality Professionals worldwide Dylan Jones editor@dataqualitypro.com - Coventry, UK Henrik Liliendahl Sørensen – Copenhagen Denmark Jim Harris Iowa, USA Phil Simon - New York, USA Charles Blyth - York, UK Dalton Cervo - Denver, USA Daragh O Brien - Wexford, Ireland Julian Schwarzenbach - Walsall, UK Phil Wright - London, UK Thorsten Radde - Germany Rick Wilson – USA Ronan Brennan - Dublin, Ireland

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20. Let’s explore a classic “End of Food Chain” programme Vendor Solutions Client Responsibility BASEL II CRM Reporting AML SOLVENCY II External Audience Internal Audience Canned Queries Canned Queries Canned Queries Canned Queries Vendor Supplied Data Repository Extract Transform Load Etc. Accounts Transactions Products Customer Data source Data Population

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23. A tale of a thousand pieces…

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25. Questions ?

Achieving Regulatory Compliance The Devil Is In The Data Governance

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