DAMA, an international organization of professionals and standard setters in data management, defines data governance “as the exercise of authority and control over the management of data assets.” Its purpose is to ensure that data is collected, processed, organized, protected, and consumed properly, according to agreed-upon policies and best practices.
For this reason, the RBF has become more involved rather than just playing a promotional role. To express our commitment, we established a new Department at the Bank called the Financial Systems Development and Compliance Group. Amongst other responsibilities, the Group will drive the development of microfinance and other financial inclusion initiatives to reach the poor and vulnerable in society.