Beyond Compliance: Balancing Risk and Innovation with Effective Data Governance in Financial Services

Puneet Matai

Abstract: The paper discusses the challenges financial institutions face in effectively managing data amidst evolving regulatory changes and technological advancements. Effective data governance is necessary to balance risk and innovation in financial services. The paper encapsulates key data governance strategies and frameworks for organizations to address compliance and risk mitigation challenges while ensuring unconstrained innovation in their transformation journey. Financial institutions can mitigate risks, ensure compliance, and drive innovation by adopting proactive governance strategies, leveraging frameworks like DAMA - DMBoK and DCAM, and stitching compliance into the transformation process. The whitepaper highlights the significance of continuous improvement in data governance practices and calls financial professionals to take action towards adopting these strategies, implementing solutions, and committing to a culture of excellence in data governance.

Keywords: Data Governance, Compliance, Innovation, Financial Services, Risk Management, Regulatory Requirements, Strategic Solutions, Continuous Improvement, Frameworks, Call to Action