managerial staff is a no mean feat, calling for their accuracy and promptness. There are three basic data governance practices that, may suit banks best. Data governance is includes all the processes and data security as per the guidelines of a particular organization. This also includes the quality of the data stored that is determined by the guidelinesset by the organization. Banks usually deal with a couple of transactions that are need special attention as they deal with money which is a very delicate matter. Private information that pertains to assets must be held at a level higher than any other sector. The figure below indicates how data governance is very key aggregate of the corporate governance.Governance in corporatestrategy of data qualityprocesses involved in data manaagement policies and standardsData GovernanceIT governance
INFORMATION GOVERNANCE6A bank that embraces a proper data governance practice will be able to improve on its performance, and cases of data breaches and integrity issues will be unheard of. There are three basic data management practices that are best for the banking industry. There has been a general increase in the cases data breaches and integrity issues, hence the need of embracing better ways of dealing with this problem. There also been a wave of principles that aim at protecting the clients from having their data being probed by other clients. This means that the information of every customer is safeguarded from other customers. For instance, a client may not be allowed toshare their account details to any other person whether a child or a spouse (Lengwiller, 2018)There is also a need for the bank to focus on implementation of the policies concerning the data stored. When data is stored, the bank will need to have a functional method of data governance. This does not imply that the current form the company is employing does not meet the standards, but may not be well compliant. The proper understanding of the bank practices concerning the compliance and regulations regarding data management should be given a keen interest. For instance, the archiving period and the retrieval charges of such archived informationshould be discussed in depth to both the internal and external customers. This implies that in casea customer has any disputes concerning any transaction or possible fraud issues, they should be directed from the customer care desk on the way the issue is normally handled. This is an era whereby the success of any financial institution is fully dependent upon their capability to actively protect their information, with the increased cases of cybercrime issues. This means that form the moment the customers enters the front office, there are several processes that need to be documented before the process is finalized in the back office. The staff that come into contact with this particular customer must have done the proper KYC before approving the client’s documentation. The firm needs to develop compliant measures for the
INFORMATION GOVERNANCE7cash, account opening, the card and the credit department. These compliance measures regarding
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