Running Head Portfolio Project 2 Portfolio Project Name ✓ Solved

The exponential growth in the amount of information generated, analyzed, and stored in the banking sector has led to the need for establishing a dedicated information governance program. This portfolio project is a proposal for the implementation of an information governance program in a bank. The banking sector has been collecting vast amounts of data stored in hard copies or electronic forms. Customer data stored in rational databases has been experiencing challenges due to lack of administration, which compromises data integrity issues. The company has been experiencing duplication of customer data due to lack of administration.

The company also lacks policies that can be used to address the issue of handling customer and business data. The company is interested in utilizing social media to leverage its marketing power but lacks the legal issues and policies needed. The bank should consider developing and implementing the information governance program, which will facilitate numerous benefits to the business and customers. Information governance will enable the company to comply with existing laws and avoid litigation activities. The banks will be in a position to obtain tangible cost savings and storage utilization since unnecessary data will be eliminated from the system (Najjar, Alharbi, & Fasihuddin, 2020).

The information governance program should be able to identify valuable information and determine the storage media required in managing and processing the data. The company should develop and implement an effective information governance program that will promote business agility as well as profitability. The information governance program will enable the company to understand the value of collected data and set in place procedures and processes to access it securely when required (Faria, Macada, & Kumar, 2013). Thus, the program will enable the company to turn the generated data into valuable information for the business, as information governance will set procedures and policies that allow secure access to authorized persons and ensure compliance with existing regulations.

Information governance will also facilitate cost reduction of information administration and storage. The program will enable the company to have fewer versions of information and develop an automated deletion and archival policy that will save the company’s data storage and IT infrastructure (Wingard, 2021). Some of the information may not be essential to the company; yet, it is still stored and consuming space. Information governance will help in identifying and eliminating unnecessary data to increase storage and reduce costs. The program will also promote collaboration among employees, partners, and customers.

It will create and manage a secure environment to increase collaboration. Information governance will establish policies and procedures that will leverage the collaboration platform to maximize business value and minimize risks. This will enhance the company’s ability to promote its use of social media in leveraging its marketing power. As a result, this paper is a proposal for the implementation of an information governance program in the bank. It will discuss strategies for implementing information governance in the banking sector.

The proposal contains a literature review of existing practices that can be effective in the banking industry. The strategies discussed will be effective in tracking key metrics and data management to mitigate cases of duplicating information. It will also help the company identify strategies for cleansing and converting data from legacy to digital formats, as well as determining the applicability of the data to the business and its stakeholders. The strategy will also ensure compliance with existing regulations to avoid litigation. The project will propose strategies to use social media, cloud computing, and emails to leverage the marketing power of the bank.

This proposal will help management in identifying key metrics needed to track the performance and risks of the company through key indicators.

Paper For Above Instructions

The implementation of an information governance program in the banking sector is not merely a need but a critical strategy to manage the exponential growth of information effectively. As organizations collect data in unprecedented volumes, challenges arise in maintaining data quality, security, and regulatory compliance. This paper will outline the strategies for implementing such a program within a banking institution.

First, it is essential to recognize the importance of data governance, which encompasses the policies, procedures, and standards that ensure data is managed efficiently and responsibly. According to Najjar et al. (2020), the lack of robust data governance leads to issues of data integrity, which can severely impact customer trust and regulatory compliance. Therefore, a comprehensive information governance program must start with establishing clear policies that dictate how data is collected, stored, and used.

Secondly, an effective program should include data classification protocols. This involves categorizing data based on its sensitivity and importance to the organization. By identifying critical data, the bank can ensure that appropriate security measures are applied, reducing the risks of data breaches and unauthorized access (Faria et al., 2013). Furthermore, the identification and classification of data play a pivotal role in the automation of data management processes, enhancing operational efficiency.

The integration of technology in information governance cannot be overlooked. Leveraging cloud solutions and advanced analytics will aid the bank in managing its data effectively. Cloud computing offers scalable storage solutions, while analytics provides insights into customer behavior, thus facilitating better decision-making and marketing strategies. Additionally, organizations must invest in training employees on tools that support governance initiatives to promote data stewardship (Wingard, 2021).

Social media's contribution to marketing efforts is another crucial aspect of governance. As highlighted in the proposal, harnessing social media requires a robust framework to manage customer interactions effectively. The governance program should establish guidelines for social media use, ensuring that employees adhere to compliance requirements while engaging with customers. This approach not only enhances marketing effectiveness but also safeguards the company's reputation.

Moreover, the implementation of a data lifecycle management strategy is paramount. This involves creating protocols for data retention, archival, and deletion. By doing so, the bank can reduce operational costs associated with unnecessary data storage and eliminate outdated information that no longer holds value. Studies reveal that firms that implement effective data lifecycle management can save significantly on storage costs while enhancing compliance with regulations (Wingard, 2021).

Another essential strategy involves continuous monitoring of data governance practices. Implementing metrics and key performance indicators (KPIs) will help assess the effectiveness of the governance program. Regular audits and evaluations are critical to ensure that policies remain relevant and adapt to new regulatory demands or technological advancements. Such adaptive measures position the bank to better handle data governance challenges as they arise, thereby enhancing overall agility (Faria et al., 2013).

Finally, fostering a culture of accountability within the organization will propel the success of the information governance program. Employees at all levels must understand their responsibilities regarding data management and governance. This emphasis on accountability can be achieved through regular training sessions, workshops, and communication strategies that underscore the importance of governance in daily operations.

References

  • Faria, F., Macada, A., & Kumar, K. (2013). Information Governance in the Banking Industry. 46th Hawaii International Conference on System Sciences.

  • Najjar, W., Alharbi, S., & Fasihuddin, H. (2020). Challenges of IT Governance in the Financial Sector: A Study from Saudi Arabia. TEM Journal, 9(4).

  • Wingard, L. (2021). Banking Industry Challenges — And How You Can Overcome Them. Retrieved from Hitachi Solutions.

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