Silo-ed data management processes and procedures. Business units operate like independent companies. More common in large multi-national companies, or companies post mergers and acquisitions.
Inconsistent business, and technology processes that create, use, and disseminate data. No standard operating procedures, no one way or “right” way to define, intake, process, transform, and report data.
Operational inefficiencies: multiple departments, units, or systems performing the same or similar tasks leading to redundancy, manual reconciliation, and inefficiency.
No data policies, standards, process around data lifecycle. i.e. data creation, data format, content, & usage. One of our clients had a major problem with inconsistent formats on critical data elements and when fixed, their financial exposure numbers were significantly lower, standardized, and consistent.
No formalization of data management roles and responsibilities including an activity matrix. Overlapping roles, or unclear responsibilities. General lack of awareness of the benefits of governance.
Metadata: Lack of accurate, standard business definitions, taxonomy, a glossary of terms, data dictionary, and process flows.
Person dependent versus process dependent largely. No controls, or audits over data assets.
No metrics, KPI's to measure, monitor, improve, and report on data quality in a repeatable, consistent manner.
Lack of information sharing, communication, coordination between departments, units.
No single version of truth for master data such as Customer, Counter Party, Products, and other dimensions.