Key learnings and conclusions

This study into the data governance landscape delivered important key findings and conclusions.

• Governance structure — A clear majority of the surveyed organisational leaders are of the view that data governance forms part of wider ICT governance, relates to privacy and security, and should be part of information and records management.
  
• Data governance understanding — However, opinion is divided as to whether the boards of organisations have ‘sufficient’ understanding’ of the organisation’s current data governance strategies. For those who believe that the board lacks understanding, this is primarily attributed to a lack of formal technology skills and education and a failure to prioritise data governance.
• Data assets — While survey respondents are divided as to whether boards have sufficient understanding of data governance, the majority are of the view that their board understands the organisation’s most important data assets and how they are protected. Such confidence is strongest for ASX listed companies and lowest for non-profit organisations.
  
• Reporting to board — While an overwhelming number of respondents believe that their organisation’s data governance is ‘linked’ to the organisation’s overall governance and risk management strategy, there is no such consensus on the related question of reporting to the board. A clear majority respond that reporting to the board is done on a quarterly or less frequent basis. In light of the serious loss that can be generated by inadequate data management and breaches, this is of concern and needs to be addressed.
• Data governance framework — The risks associated with a lack of reporting to the board is exacerbated by the fact that a majority of respondents work for organisations that do not yet have a data governance framework.

For any assistance with addressing the data governance needs of your organisation, do not hesitate to contact your local PKF Audit and data governance expert.