Data governance is no joke as Citi have found out; addressing long-standing deficiencies in risk management and data governance in the banking sector is no easy task. Legacy systems, often fragmented and outdated, complicate accurate reporting. The scale and complexity of managing vast amounts of data across multiple regions make governance overhauls even more challenging. Add to that constant regulatory changes, organisational silos, and cultural resistance, and it's not hard to imagine why progress can be slow.
All too often I've seen short-term fixes prioritised, but true, lasting improvements require a long-term, strategic approach. At RSM we've seen an uptick in clients requesting assistance with a variety of what I'd call 'foundational data management initiatives' - data strategy, data governance frameworks, data quality management and master data management. You can add to that Responsible AI, as more and more organisations grapple with what AI means for them and how to manage it.
Its not a new problem. I started work for a bank in the UK in the mid 90's and it was all about legacy systems, siloed data, data quality, data governance, reg reporting, and transforming data to make it usable for analysis...we're moving so quickly yet so slowly. Getting the foundations right is hard and we're all eager to move onto the next shiny new LLM as quickly as possible!
No one is too big to fail, so don't wait for a disaster to put the focus on data strategy that it deserves.
#rsm #datagovernance #datarisk #Responsibleai #dataanalytics #datastrategy
Strategic Advisory | Modern AI Engineering | Transformation | Product and Marketing Visionary
3moNice Read Konrad Litwin