In today's data-driven world, the role of finance and accounting departments extends beyond traditional accounting and financial reporting. They are increasingly tasked with managing and safeguarding vast amounts of data. Effective data governance is crucial for ensuring data integrity, compliance, and informed decision-making. Financial Executives International (“FEI”)’s Committee on Finance and Information Technology (“CFIT”) is a group of executives at the cross section of finance and technology who are exploring best practices around data governance. Members of this committee represent companies of a variety of sizes and industries. This article explores their viewpoints on best practices for data management policies, the structure of a data organization, and the critical importance of finance's role in data governance.
Best Practices for Data Management Policies
Across CFIT, the large majority of companies are either in process or have implemented a data management policy which focuses on some of the key areas below. (To read the rest of this article, visit FEI Weekly).