Information Governance Program Implementation and Strategies in Banking Sector

Abstract

As a result of the exponential growth of information being generated, stored, and analyzed, there is a great need for a dedicated Information Governance program in organizations. This paper presents the proposal of implementing an Information Governance program in the Banking Sector. An introduction to Information Governance along with its applications, challenges, and implementation strategy in the financial services and banking industry is discussed. A comprehensive literature review is presented that discusses the information governance program implementation best practices in the banking and financial sector. Strategies are presented to track the key metrics, management of data including data de-duplication, cleansing, conversion of data from legacy format to digital form, the applicability of relevant data across lines of businesses and stakeholders, and ensuring compliance and regulatory mandates. Further, strategies are proposed to leverage the marketing power of social media, email, and cloud computing technologies. The paper presents key metrics that are required to track the organizational performance and risks that highlight the key performance and key risk indicators of the firm that aids in aligning the organizational, and information systems strategy to the firm’s business strategy. The banking and financial sector are highly regulations and compliance-driven which makes it quintessential for the Information Governance strategy to incorporate the required expectations in the implementation strategy. Thus, this paper presents the regulatory, and compliance legal acts and their implementation strategy in the banking sector. Finally, a conclusion is presented that summarizes the key points of Information Governance strategy implementation, best practices, along with compliance and regulatory expectations, and relevant policies to drive the firm’s initiative of implementing an Information Governance program.