Data governance, data management, and data quality are wide-ranging disciplines and processes across organisations that ensure that data is an asset, and not a liability. Data continues to be a core focus area for internal audit functions. We’ve seen various instances in the news where poor data governance resulted in fines and reputational damage. Indeed, data governance and quality are critical components of global regulatory requirements such as GDPR with steep penalties for non-compliance. Recent years have seen some hefty fines levied against large organisations with a maximum penalty of £17.29m or 4% of global revenue. The biggest fines seen are above £17.29m with the highest recorded so far being £43.2m.
Data is, and will remain, crucially important across all businesses and industry sectors. Good data governance, sound processes and robust data management are key enablers of using data to make informed business decisions and remain compliant with regulation.
Data governance is not a new area for many organisations, it has been a frequent feature in our IT internal audit hot topics list for many years, however we have seen increased focus on data quality, data governance,…
