Article
Data governance best practices for banking institutions
Oct. 19, 2021 · Authored by Dave DuVarney
How to utilize your bank’s data to create a competitive advantage beyond compliance
Establishing a proper data governance program for banking institutions is an essential part of complying with today’s, and tomorrow’s, regulatory requirements (e.g., the Bank Secrecy Act (BSA), the current expected credit loss (CECL) standard, etc.). However, many banks fail to optimize their data governance programs, which prevents them from streamlining data processing when new laws, regulations and requirements are implemented or when an audit is required.
Watch this informative Bank Director webinar about the importance for banking institutions to establish proper data governance programs that includes the collection, management, and integration of data that goes beyond a “checking of the box” exercise. In addition to establishing an effective data center of excellence, our team discusses a lens specific to the banking industry as to how financial institutions can utilize their established data policy to comply with current and future laws. Finally, our team discussed how banks can use their data governance policy for not only regulatory purposes, but also as a competitive advantage to make better and more informed strategic decisions.
In this webinar listeners will:
- Understand the components that make an effective data governance program
- Identify how banking institutions can utilize data to comply with current and future regulations
- Recognize ways beyond regulatory purposes that banks can use data to make more strategic decisions
