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Ensuring Sustainable Data Governance on the Buy Side

Sustainable data governance refers to rules and standards for evaluating data quality in real-time that are both effective in the short term and can evolve as data needs change. Sustainability is an essential concept for buy-side firms, which rely heavily on accurate, reliable data to make informed investment decisions.

It is important to understand that the data landscape changes constantly. New sources of data emerge and existing data sources are revised. As a result, data governance practices that work today but can’t easily adapt are not ideal.

Sustainable data governance, on the other hand, helps buy-side firms stay ahead of inevitable changes and ensure data governance practices are effective today and tomorrow. Sustainability includes identifying and addressing new risks and challenges as well as taking advantage of new opportunities for improving data quality and its overall value.

Sustainable data governance also helps buy-side firms build trust with clients and other stakeholders. By committing to long-term responsible data management using enterprise data manager (EDM) no matter how the industry changes, buy-side firms can demonstrate agility and an ability to stay ahead of the curve when it comes to using data for successful investment decision-making.

There are six key considerations buy-side firms need to make when it comes to establishing and maintaining sustainable data governance:

  1. Identify key stakeholders: People who will be involved in data governance efforts may include IT staff, data analysts, compliance officers, and others who play key roles in the use and management of data.
  2. Establish clear policies: Specific, direct guidance for how to collect, store, use, and share data within the organization should be documented and made available to all staff.
  3. Ensure compliance: Make sure data governance practices align with relevant laws and regulations.
  4. Provide training: Ongoing training on data governance helps ensure awareness of individual responsibilities, especially with respect to master data management (MDM). Understanding workflow management and user-level attribution, two key elements of MDM, can help you gain even more control over data.
  5. Review practices: Evaluating and updating data governance practices on a regular schedule helps ensure they remain effective and aligned with your needs. Typical updates may involve revising policies and procedures or implementing new processes.
  6. Check progress: Monitor data governance practices to make sure they are followed consistently and effectively. This may involve regular internal or third-party audits.

Sustainable data governance can also benefit from technology designed to support these practices. One of those solutions is IVP Enterprise Data Management (EDM), gives you the ability to “look through” your data in different dimensions for a more complete picture of positions, holdings, and securities. Powered by our advanced data governance engine, IVP Enterprise Data management (EDM) can set the stage for sustainability—and help you make better investment decisions.

Learn more about IVP Enterprise Data Management (EDM) right now or contact to set up a live or remote demo.

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