Stakeholder views on data governance components, objectives, accountability, enablers and inhibitors within the banking industry in South Africa

Abstract

The rapid growth of data worldwide has highlighted a need to establish data governance in organisations. Furthermore, data related trends such as big data, the Internet of Things and digitisation are indicative of recognition that data is a strategic asset that can be a source of competitive advantage. However, most decision makers still struggling to trust the data they use to make critical decisions and comply to regulation due to a lack of standards and controls in the management of this asset. In light of this, this research paper explores the components, objectives, accountability and factors that either enable or inhibit data governance within the banking in South Africa. A review of existing literature was done to establish current discourse on data governance constructs that form part of this research. Key themes in literature pertaining to these areas were identified and used to frame the research questions on which the findings were based. An exploratory qualitative study was conducted in which eleven semi-structured interviews were done with data governance subject matter experts, data consumers, data creators and consultants within the banking industry in South Africa. In an effort to solicit a balanced view on the state of data governance in the industry, sampling was done across all groups mentioned above. The research found that there was a consistent view on the components, objectives and accountability allocation of data governance. However there were varied views on the classification of factors as enablers and inhibitors of data governance. Therefore a framework has been suggested that incorporates input from existing models found in literature and the findings from the research; especially with regards to factors that influence data governance.