MDM Institute defines data governance as: “the formal orchestration of people, processes, and technology to enable an organization to leverage data as an enterprise asset”. The Data Governance Institute states that “data governance is a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models, which describe who can take what actions with what information, and when, under what circumstances, using what methods.” Simply put, Data Governance is all about getting your house in order in terms of data management. With governance, you can make sure that the data in your organization is managed end to end and at the same time managed in a way that is legal, efficient and right for your business. Data Governance will ensure the following:    
There will be people accountable for data Everyone has trust in data and view data as strategic asset Information is consistently defined and understood across the bank People are no longer unsure about who to reach out for data related issues Policies and workflows are in place to govern data during the entire lifecycle Measures are in place to enhance data quality & security