Four steps to get the most from your organization’s data assets
WHAT IS THE ISSUE?
Many organizations don’t know how to manage their data as an asset. It is not like managing tangible physical assets, such as plant and equipment, or intangible assets, such as goodwill and trademarks. Organizations need to appreciate that data represents a unique type of asset. The challenge is that the volume of data is quickly getting out of control due to its many different sources, rapid growth, dispersion throughout the organization and non-physical nature.
WHY IS THE ISSUE IMPORTANT?
Organizations are increasingly relying on data to implement competitive strategies, manage business risk and comply with applicable regulations. As data becomes ever more important to business strategy and operations, being able to manage this key business asset effectively and efficiently is going to be critical to an organization’s survival.
WHAT CAN BE DONE?
Organizations need to implement governance over their data assets. This guideline discusses some of the key steps and considerations in developing a data governance program, including exploring some of the required roles and responsibilities, policies and procedures, and technology.
WHO IS THIS GUIDELINE FOR AND HOW CAN IT BE APPLIED?
This guide is directed primarily at practising Chartered Professional Accountants (CPAs) in mid- to senior-level roles. It is intended to provide CPAs with a practical perspective on how a data governance program might be created to enable them to play an informed and meaningful role in their organization’s data journey.
This guideline can be applied by small- and mid-sized public, private and non-profit organizations. While the underlying concepts will generally be applicable to larger more complex organizations as well, this guideline does not attempt to provide direction on designing or implementing data governance programs for such organizations.