How Total Rewards Software Elevates Employee Engagement and Performance

In a highly regulated business environment, it is a challenging task for IT organizations to manage data-related risks and compliance issues. Despite investing in the data value chain, C-suites often do not recognize the value of a robust data governance framework, eventually leading to a lack of data governance in organizations.

Therefore, a well-defined data governance framework is needed to help in risk management and ensure that the organization can fulfill the demands of compliance with regulations, along with the state and legal requirements on data management. 

To create a well-designed data governance framework, an IT organization needs a governance team that includes the Chief Data Officer (CDO), the data management team, and other IT executives. Together, they work to create policies and standards for governance, implementing, and enforcing the data governance framework in their organization.

However, to keep pace with this digital transformation, this article can be an ideal one-stop shop for CDOs, as they can follow these four principles for creating a valued data governance framework and grasp the future of data governance frameworks.

1. The Rise of the Chief Data Officer (CDO)

Data has become an invaluable asset; therefore, organizations need a C-level executive to set the company’s wide data strategy to remain competitive.

In this regard, the responsibility and role of the chief data officers (CDOs) were established in 2002. However, it has grown remarkably in recent years, and organizations are still trying to figure out the best integration of this position into the existing structure.

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