Why financial services need (cloud) data governance

The term ‘data governance’ sounds like a codename straight out of a spy film, but it’s actually something that all organisations – especially those in the financial services industry – need to understand and manage. The thing is this, in 2022, the market size of Australia’s finance sector is $185.1 billion, meaning it impacts everybody.

The industry relies on our personal data, and institutions need to invest in solutions to store and manage this data while remaining compliant. The cloud makes this easier.

What is (cloud) data governance?

Let’s keep this easy, data governance is the practice of handling data (ethically and securely) within an organisation. Cloud data governance is the process of ensuring that data is managed, monitored, and protected within the cloud in accordance with a business’s policies and procedures. This includes the development and enforcement of regulations and controls.

It also covers access control measures, making sure that our sensitive information is appropriately restricted to uphold a gold standard of data integrity.

Why financial services need data governance: 5 important benefits

Here’s the good part we’ve all been waiting for. When we’re collecting and using our customer’s information to grow our services, there are two things we have to uphold: data quality and data protection. 

Data governance provides us with the means to create and develop our own data management policies. Like the guidelines put forth by the Australian Prudential Regulation Authority’s Prudential Practice Guide, proper governance can actually give organisations that offer financial services more benefits than an all-expense paid holiday.

How so? In the following ways:

What is the cloud?

The cloud is a type of computing that delivers hosted services via the internet. It is accessible 24/7 and can be accessed from any device with a strong internet connection.

Cloud computing takes the form of:

Why do financial services need cloud technology? 

It doesn’t matter if we’re talking about investment banks or life insurance companies. Cloud technology is where it’s at. As a general rule of thumb, the cloud helps reduce costs and increase scalability because it makes our resources readily available without us having to give up floor space in our work environments. 

At the same time, since cloud solutions can be managed by companies skilled in cloud consulting and security, it also saves us from having to step away from our projects and customers to handle maintenance. Cloud technology helps businesses improve the flow of information, collaborate, streamline processes, and increase staff engagement to make them more competitive.

When we take cloud tools and apply them to the finance industry, what are we left with? If anyone guessed agile organisations, they’re getting the grand prize! That’s right. Every perk we mentioned above can be brought together to develop a company’s agility and intuitive senses pertaining to its customers. 

If businesses within the finance sector can achieve this level of swiftness faster than a kung-fu master, they will have a much easier time innovating their services and products while creating a work culture that values data and the customer experience. 

7 tips for cloud adoption

We get it. Sometimes, it can feel like the sky is out of reach for our organisations. But thanks to cloud technology, providers of financial services have the steppingstone they need to go from ‘cloud no’ to ‘cloud nine’.   

7 adoption practices:

  1. Assess operational needs – determine what needs improvement and the cloud’s role in fixing our weaknesses.
  2. Consider the company budget – we can’t spend above our means. We only need what’s relevant to us.
  3. Prioritise security – every cloud solution should relate directly to data security in some way.
  4. Make a plan – every move we make needs to be weighed carefully and contribute to organisational goals. 
  5. Start small, be patient – slow and steady wins the cloud race, always.
  6. Monitor the transition – use data and feedback to make sure that everything goes swimmingly. 
  7. Hire a cloud consulting provider – experts in the cloud, these companies can help financial businesses make the most of cloud computing.

Cloud consulting from Australia’s leading (cloud) data governance specialists

There are plenty of industries out there that keep society from falling apart, and the finance sector is one of them. We put our trust in our financial services providers to manage our information and money; data governance (along with the cloud) will help finance companies achieve new levels of compliance and business efficiency.

Atarix’s modern workplace solution is the go-to cloud technology and data governance solution for financial services companies across Australia. With our cloud-based solution and consultants supporting their operations, finance institutions will have peace of mind knowing their services and data management are compliant and optimised for use 24/7/365.