A study by IBM found that poor data quality can cost organizations an average of $9.7 million per year, while another study by Dun & Bradstreet found that bad data costs US businesses alone $3 trillion annually.

Furthermore, 1 in 8 businesses are destroyed by data breaches, and ineffective data governance is often to blame.

How can businesses implement effective data governance that keeps their data accurate, up-to-date, and compliant?

Bad data governance can easily lead to financial losses, reputational damage, and legal liabilities. To combat this, companies need to increase the transparency of their data internally and ensure the right policies are in place.

A well-designed data governance program typically has three tiers:

• Governance team – coordinates the data capture process
• Steering committee – establishes the data governance policy
• Data stewards – ensure data policies are enforced

The three groups work together to create, implement and enforce data standards and policies across an organization, which in turn, increases trust, improves decision-making, mitigate fraud and cybersecurity risks.

While having the right people in place is half the job of enforcing effective data governance, it’s not the whole solution to securing data and ensuring regulatory compliance.

exMon’s data management platform is a data governance tool that continuously monitors data. This means that not only is data accurate and timely – which enables businesses to build trust in their data – but also that if and when bad data is detected, it’s stopped in its tracks before it can impact the business. The data pipeline is halted and data isn’t transferred to other internal systems until the data issue is resolved.

The platform supports improved data governance, boosts regulatory compliance, and reduces the risk of control failure by using 100% of your organization’s operational data. In turn, this gives back control of your data and keeps you updated when issues are detected.

Effortlessly connect various tools, workflows, and data sources to meet your unique needs, extend coverage, and produce insightful analysis. Monitor and test controls against standards and regulations, all in real-time, using continuously aggregated data from across your organization.