Maximizing Data Potential: A Comprehensive Guide to Data Governance
Table of Contents
- Introduction
- Data Governance
- What is Data Governance?
- Why is Data Governance Important?
- The Approach to Data Governance
- Data Discovery
- Data Classification
- Policies and Rules
- Metadata Management
- Data Cataloging
- Security and Risk
- Understanding Risk
- Risk Management within Orbis Infinity
- Risk Catalog
- Control Management
- Access Control within Orbis Infinity
- SharePoint Integration
- Conclusion
- FAQ
🔍 Introduction
In today's digital age, data has become one of the most valuable assets for organizations. It fuels informed decision-making and provides rich business analytics. However, the management and governance of data is crucial to fully harness its potential. This article will delve into the topics of data governance, security, and risk.
💡 Data Governance
1️⃣ What is Data Governance?
Data governance is the set of rules, policies, standards, and models that govern and define the type of data collected, how it is used, stored, managed, integrated across the organization, and its systems. It involves understanding where data is located, how it flows, and who has access to it.
2️⃣ Why is Data Governance Important?
Effective data governance ensures data is treated as an asset. It helps organizations comply with regulations, protect privacy and security, improve data quality, and build trust among stakeholders. Proactive data governance goes beyond compliance and focuses on democratizing data to enable data-driven decision-making.
3️⃣ The Approach to Data Governance
The approach to data governance starts with discovering and understanding the data within the organization. This includes gathering information about data assets across repositories, both on-premises and in the cloud. Once data is discovered, it needs to be classified and labeled based on categories such as customer data, product data, or financial data. Policies and rules are then established to dictate how different categories of data should be managed. Metadata is used to describe the data, capture relevant attributes, and provide a summary of what's inside the data source.
4️⃣ Data Cataloging
A central data repository, such as Orbis Infinity, plays a crucial role in data governance. It allows the import, maintenance, and enrichment of data catalogs from various sources. Excel spreadsheets can be easily imported, and there are pre-configured templates available for specific use cases. Metadata provides a connected and integrated view of the data, allowing for better visualization, reporting, and analysis. SharePoint integration enables collaboration and data sharing with stakeholders.
🔒 Security and Risk
1️⃣ Understanding Risk
Risk management is a fundamental aspect of any organization. Identifying, analyzing, and mitigating risks help prevent potential threats, comply with regulations, and prioritize resources. Risks can include data breaches, access issues, system downtime, and more.
2️⃣ Risk Management within Orbis Infinity
Orbis Infinity provides tools to manage risks effectively. It allows for the creation of a risk catalog, capturing attributes such as risk impact and likelihood. Risks can be interconnected with other objects within the system, such as applications, technologies, or locations. This helps visualize the impact of risks on different areas of the organization.
3️⃣ Risk Catalog
Orbis Infinity enables the creation and maintenance of a risk catalog, providing a comprehensive view of all risks within the organization. The risk registrar allows for updating risk details and attributes, such as severity, probability, or control measures. It helps organizations keep track of risks and make informed decisions.
4️⃣ Control Management
Control management is also essential in mitigating risks. Orbis Infinity offers a platform to define, manage, and assess controls related to risks. Controls can be associated with specific risks to ensure their effectiveness in managing and mitigating those risks.
5️⃣ Access Control within Orbis Infinity
Orbis Infinity provides access control capabilities to ensure data security. Users can be assigned different roles and permissions, allowing for granular control over data access and modification. This helps protect sensitive information and prevent unauthorized access.
6️⃣ SharePoint Integration
Orbis Infinity integrates with SharePoint, enabling the sharing of risk-related information with stakeholders who might not have access to the Infinity platform. SharePoint web parts can be embedded in SharePoint pages, allowing stakeholders to view and interact with risk catalogs, related objects, and visualizations.
🔚 Conclusion
Data governance, security, and risk management are crucial aspects of organizations in the digital age. Effective data governance ensures data is treated as an asset and enables data-driven decision-making. Orbis Infinity provides robust tools for data governance, risk management, access control, and collaboration with SharePoint integration. By implementing these practices and utilizing the features offered, organizations can better protect their data, comply with regulations, and make informed decisions.
❓ FAQ
Q: Can I import my existing risk catalog into Orbis Infinity?
A: Yes, Orbis Infinity offers various import methods, including Excel spreadsheet import and open API integration for connecting with other systems.
Q: How can I create a data dictionary within Orbis Infinity?
A: One approach is to leverage SharePoint lists to store object names, descriptions, and relevant metadata attributes. You can also utilize pre-defined templates in Orbis Infinity for modeling your data dictionaries.
Q: Does Orbis Infinity offer integration with other risk management systems?
A: Yes, Orbis Infinity provides integrations with other risk management systems, depending on the specific requirements and compatibility.
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