The world is increasingly going digital now. And in such an era, data has become an integral part of the banking sector. Banks handle an enormous amount of data, ranging from customer information to transactional data, and this data is often unstructured.
Managing unstructured data is a major challenge for banks, and data governance is crucial for maintaining data accuracy, compliance, and security. In this article, we will discuss how the use of an unstructured data governance tool can help banks stay ahead.
What is Unstructured Data Governance?
Unstructured data governance refers to the management of data that does not have a predefined structure or format. This includes data such as emails, social media posts, and documents. Unstructured data is usually stored in various locations, such as file shares, SharePoint sites, and cloud-based platforms. Unstructured data governance involves creating policies and procedures to manage this data, including access controls, retention policies, and security measures.
Benefits of Unstructured Data Governance in Banking
- Enhanced Data Accuracy: Unstructured data governance helps to ensure that data is accurate and up-to-date. By creating policies and procedures for managing unstructured data, banks can reduce the risk of errors, inconsistencies, and duplicates.
- Improved Compliance: Banks are subject to numerous regulations, including GDPR, PCI-DSS, and SOX. Unstructured data governance helps banks comply with these regulations by implementing data retention policies, access controls, and security measures.
- Better Decision Making: Unstructured data governance enables banks to make better decisions by providing accurate and reliable data. By managing unstructured data, banks can access a broader range of data sources, improving their decision-making processes.
- Increased Efficiency: Unstructured data governance helps banks to streamline their operations by reducing the time and effort required to manage data. By implementing automated processes, banks can save time and reduce the risk of errors.
Best Practices for Unstructured Data Governance in Banking
- Create a Data Governance Strategy: Banks should develop a data governance strategy that outlines policies, procedures, and guidelines for managing unstructured data. The strategy should be aligned with the bank’s overall business objectives and regulatory requirements.
- Identify and Prioritize Data: Banks should identify the types of unstructured data they are managing and prioritize them based on their importance and risk level. This will help banks to allocate resources and implement appropriate controls.
- Implement Access Controls: Banks should implement access controls to ensure that only authorized personnel can access sensitive data. Access controls can include password protection, two-factor authentication, and user permissions.
- Implement Data Retention Policies: Banks should implement data retention policies to ensure that data is retained for the appropriate period and deleted when no longer required. Data retention policies can help banks comply with regulatory requirements and reduce the risk of data breaches.
- Implement Security Measures: Banks should implement security measures to protect unstructured data from unauthorized access, theft, and cyber attacks. Security measures can include encryption, firewalls, and antivirus software.
Conclusion
Managing unstructured data can be a challenge for banks, but it is essential for maintaining data accuracy, compliance, and security. Unstructured data governance helps banks to manage unstructured data effectively by creating policies and procedures for managing data, implementing access controls, and implementing security measures.
By following best practices for unstructured data governance, banks can stay ahead in a rapidly changing digital landscape and make better decisions based on accurate and reliable data.
