While data compliance is the practice of organizations ensuring that all sensitive data is managed and organized in a way that enables them to meet their business rules alongside legal and governmental regulations, data governance involves the process of managing organizational data’s usability, security, availability, and quality using the internally set rules and policies.
Data compliance pertains to the privacy of personal information and how businesses and organizations store, retrieve, and secure this sensitive data. Organizations and businesses, especially those that work with personal information, are responsible for safeguarding this personal data.
Data governance looks at creating an environment where data can be effectively used for useful insights that enhance business processes. Data governance is considered a must for any organization seeking to use its data to draw insights after analysis. Without data governance, data fails to meet regulations and the quality standards needed to extract usable insights. The data also risks being exposed to security threats that would compromise its integrity. This puts the business or organization at the risk of being in breach of the set standards.Organizations are inclining toward MDM solutions for compliance, and to reinforce their security infrastructure to prevent accidental data breaches.
Benefits of Data Governance:
- Data governance enables better and more comprehensive decision support by having consistent and uniform data across the organization.
- Data governance ensures clear rules for changing data processes, thereby helping an organization and IT processes become more agile and scalable.
- Data governance reduces costs in other areas of data management through the provision of central control mechanisms
- Data governance increases efficiency by introducing the ability to reuse data and data processes.
- It improves confidence in the quality of data and documentation of data processes.
- Data governance improves compliance with data regulations such as the EU’s GDPR.
Benefits of Data Compliance:
- Improved data management: It enables you to minimize the amount of data collected and held, to organize data storage in a better way, and refine your data management processes.
- Boost loyalty and trust: Compliance with regulations can support your organization or business by helping you build and maintain more trust and relationships with your contacts, customers, and the general public.
- Enhances Cybersecurity: Cybersecurity ignorance may bring about the costs of data breaches and systems downtime brought about by theft or loss of critical data. Data compliance helps you develop a security-conscious workflow.
While no one denies that data governance and compliance are hard, a wise organization or business takes this challenge by using agile data governance and compliance platforms such as DQLabs, and goes above doing the bare minimum to comply. The benefits defined in this article are realized after sound data governance and compliance practice.