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Data Democratization: Transforming Risk Management and Compliance
- Data in organizations is typically managed by two distinct groups: data producers and data consumers.
- Data governance is essential in the age of data democratization, especially for compliance.
- Regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) require clear processes for data access, usage and security, ensuring that customer information is protected at all times.
- One of the primary issues with a project-based approach is the fragmentation it creates, leading to inconsistencies and inefficiencies, which can hinder data accessibility.
- Adopting a modern data management approach that emphasizes quality of data is an important step in overcoming the limitations of traditional data management practices.
- One potential benefit of data democratization is delivering better customer experiences by empowering data consumers to access and analyze customer data.
- Business leaders need to focus on striking a balance between compliance and innovation through effective data management and governance.
- Data governance becomes even more critical as the volume and complexity of data increases.
- Ensuring data quality is critical to any data management strategy - it varies depending on your specific business needs.
- One way to achieve these goals is through the use of centralized data repositories, including data warehouses, data lakes, and MDM solutions.
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