Data is everywhere and organizations want to use that data to gain business insights. However, there are more rules and regulations when it comes to the data businesses can keep and use. And with each new mandate, comes an increase in data and compliance risks. Making sure your data is accurate, can help decrease your risk.
With data often siloed by organizational structure or physical location, many enterprises struggle to build consistency of data across the entire organization. With different business glossaries and definitions across teams or lines of business, it is nearly impossible to establish a common data language and provide a clear understanding of your data assets.
But even with a single business glossary there are challenges. With a single business glossary in place, the next challenge is to be able to define and manage your data retention and usage policies. To be able to mitigate your data compliance risks, you need a way to easily create, review and update all of your data policies. You must be able to define which data policy applies to which sets of data. And be sure that users can see those policies, so that your data can be compliantly used. Without a common set of policies that can be adopted and applied across the organization, meeting your data compliance requirements will be a struggle.
How can organizations overcome these challenges
Getting recognition and buy-in from key stakeholders across IT, business lines, operations, and the data office is the first step in overcoming these challenges. You need your stakeholders to recognize that these challenges have to be addressed and commit the time and resources needed to support these efforts.
Next, you should look for a solution to help you reduce your data and compliance risks. It should enable you to establish a common data language with a business glossary of approved business terms and metric definitions, improving data consistency and reducing data risks. The solution should provide a policy tool that enables you to build and maintain a set of data policies that are used across the organization, so you can meet your data compliance requirements.
To ensure success, you should work with a partner that can support you throughout your journey. Working with someone who has the background and experience to help you build a single business glossary and set of data policies is key to reducing your data and compliance risks.
Let us help you make your data right
Collibra Data Intelligence Cloud is an adaptive data and analytics governance solution that delivers everything you need to make your data complete, accurate and trustworthy so risks are low, including the ability to:
- Reduce data risk by building and maintaining a business glossary of approved business terms and metric definitions, helping to ensure clarity and consistency of data assets across the organization.
- Mitigate compliance risk using policy manager to create, review, and update data retention and usage policies that can be adopted and applied across the organization, so you can meet your data compliance requirements.
In addition to the solution, the Collibra team works with you from planning, to adoption, to enabling your team — we are here to help you throughout your journey.
With a common data language and set of policies that are used across the organization, you are able to ensure compliance while improving clarity and consistency of your data assets. It’s data that’s compliant, and data that is right —making the risks low.