Organizations that do not fully implement data governance experience problems that affect the security and integrity of the data and cost the organization dearly in time and money. Some of these problems, as mentioned in your reading, are:
- Multiple versions of the truth
- Higher than necessary data management costs
- No ownership or accountability of data
- Internal audit concerns
- Lack of understanding and use of the information
- Loss of information credibility
- Intensive manual information to respond to requests of information
- Difficulty complying with regulatory requirements such as Sarbanes-Oxley
- Management concerns about the quality of the information being used for decision making
In this Application, assess and explain how data governance would solve each of the problems listed above. Write a 2- to 3-page paper in which you explain, in greater detail, each problem listed above. Then, describe how implementing data governance processes would solve each problem. Identify which practice, operational requirement, policy, or standard could be used to address each problem.