Wealth Access Report FINAL - Flipbook - Page 21
A DATA STRATEGY CHECKLIST
Strategic
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Is data analytics an area of strategic investment and operational focus for the bank? How
does this relate back to our strategy?
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How will our institution oversee data governance, and who needs to be on that committee?
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How will we manage data ownership, stewardship, quality, security and compliance across our
organization?
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What technologies and platforms support our data management, storage and analytics?
Tactical
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What is a straightforward use case we can use data to answer?
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Where is the data we will need to answer this question located? How will we integrate data
across different business units to drive decision-making?
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What is the quality of this data? What work will we need to do so it’s usable and accurate?
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Who are the external partners we’ll need to use? Long term, what talent do we need to
support this initiative to ensure its success?
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How will we measure the outcomes of these data projects?
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What initiatives are in place to foster a data-driven culture and continuously evolve our data
capabilities over time?
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Do we think this data could be used in artificial intelligence applications?
Risks
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What cybersecurity protocols do we need to employ to make sure our data architecture is
safe? What are our vendors’ data privacy practices?
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Do we need to update information security and privacy policies to incorporate how we want
to use or share this data?
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How will we validate data quality, and how can we make that process more efficient?
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Who is responsible for different datasets?
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What are our guidelines for data quality, and who determines that?
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What processes or metrics will we use to assess data accuracy, consistency and reliability?
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Who should be allowed to access or edit the data?
EFFECTIVE DATA MANAGEMENT: WHAT’S YOUR STRATEGY? | 19
