Understanding of data as a strategic asset is now quite fundamental to every business and organization—the BSP included. In fact, in my recent policy pronouncements, I always say that the Monetary Board’s decisions are always data driven and evidence-based on market conditions. Despite the significance of data, even highly technical and professional organizations still experience issues in data consistency, quality, and timeliness.
This affects an organization’s ability to generate the data needed for high quality decisions and policies. These seem to indicate that many organizations have yet to reach that point of being able to effectively harness the power of their data assets. This is where data governance, our topic for today, becomes most relevant.