BOSTON, Sept. 22, 2015 /PRNewswire/ -- Eagle Investment
Systems LLC, a BNY Mellon company and leading provider of financial
services technology, together with WatersTechnology, has
released a white paper offering new research on where the market
currently stands in relation to the implementation of formal data
governance policies. The research reveals that only a small
minority of global financial services firms can claim to have a
mature data governance strategy in place. However, the survey also
found that more than 80% of survey respondents believe their
organizations recognize the value of data as an asset and over 40%
view the implementation of a formal data governance strategy as an
immediate priority.
The white paper, "Command and control: Establishing a formal
data governance strategy," published research from a survey of
technology and data management professionals. Beyond highlighting
the benefits of a formal data governance strategy – including
material improvements in the accuracy, security and accessibility
of data – the paper also underscored the potential threats inherent
to a less-structured approach. Nearly 60% of respondents reported
operational inefficiencies as a result of not having a formal
strategy in place, 15% cited lost clients, and nearly 10% revealed
that their organizations have suffered a security breach. Moreover,
41% cited increased data complexity due to the deployment of
multiple systems.
"The survey highlights how critical a data governance policy is
as organizations seek to efficiently and consistently deal with the
growing volume and pace of information," described Paul McInnis, Head of Enterprise Data Management
at Eagle Investment Systems. "The challenges of developing a formal
data governance policy are significant, as success always comes
down to people and processes. Senior executives need to advocate
for it and seamless coordination and collaboration between the
business users and IT is required. Success in data governance
dictates ongoing oversight and systematic reviews to measure the
completeness, accuracy, consistency and timeliness of the
data."
Among the more notable findings from the survey:
- More than 80% of respondents believe their organizations
recognize the value of data as an asset but only 35.8% currently
have a mature data governance strategy in place.
- The implementation of a formal data governance strategy is an
immediate priority at 43.2% of organizations, and 53.5% of those
respondents plan to introduce one in the next 12 months.
- 15.1% of respondents have lost a client, 9.4% have suffered a
security breach, and 58.5% have experienced operational
inefficiencies as a result of not having a data governance strategy
in place. Additionally, 41.5% have faced increased data complexity
due to the deployment of multiple systems.
- Respondents with a mature data governance strategy identified
several benefits including improvements in data accuracy, security
and availability.
- The top three challenges in establishing a formal strategy are:
defining success measures, developing a consistent data glossary or
taxonomy, and establishing data ownership.
The full white paper, with additional findings from the survey
and best practices in implementing a data governance strategy, can
be found here.
About Eagle Investment Systems
Eagle is committed to
helping financial institutions worldwide grow assets efficiently
with its award-winning portfolio management suite of data
management, investment accounting and performance measurement
solutions that are delivered over its secure private cloud, Eagle
ACCESSSM. Eagle deploys trusted solutions and services
that create operational efficiencies and help reduce complexity and
risk. Eagle Investment Systems LLC is a subsidiary of BNY Mellon.
Additional information is available at www.eagleinvsys.com or
follow us on Twitter @Eagleinvsys.
About BNY Mellon
BNY Mellon is a global investments
company dedicated to helping its clients manage and service their
financial assets throughout the investment lifecycle. Whether
providing financial services for institutions, corporations or
individual investors, BNY Mellon delivers informed investment
management and investment services in 35 countries and more than
100 markets. As of June 30, 2015, BNY
Mellon had $28.6 trillion in assets
under custody and/or administration, and $1.7 trillion in assets under management. BNY
Mellon can act as a single point of contact for clients looking to
create, trade, hold, manage, service, distribute or restructure
investments. BNY Mellon is the corporate brand of The Bank of New
York Mellon Corporation (NYSE: BK). Additional information is
available on www.bnymellon.com. Follow us on Twitter @BNYMellon or
visit our newsroom at www.bnymellon.com/newsroom for the latest
company news.
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visit:http://www.prnewswire.com/news-releases/survey-reveals-urgency-of-data-governance-projects-among-financial-services-firms-though-formal-initiatives-still-largely-nascent-across-industry-300147324.html
SOURCE Eagle Investment Systems LLC