DefinePK

Abstract

This study explores the complexities of implementing data governance within financial systems, focusing on strategies to ensure compliance and security in multi-source data integration projects. The primary aim was to identify challenges and establish a comprehensive framework to enhance data integrity, confidentiality, and regulatory adherence in the financial sector. Using a mixed-methods approach, the research included an extensive literature review, case studies, and expert interviews to gain insights into current practices, challenges, and emerging trends in data governance. Key findings reveal that while multi-source data integration offers significant opportunities for enhanced decision-making, it also presents substantial risks, including data breaches and regulatory non-compliance. The study underscores the pivotal role of data governance frameworks in mitigating these risks through the establishment of clear data policies, the implementation of robust cybersecurity measures, and the promotion of a compliance-focused organizational culture. Additionally, the analysis highlights the necessity for harmonized global data privacy laws to address the diverse regulatory environments that financial institutions operate within. The research concludes that effective data governance is crucial for financial institutions to safeguard their data assets, ensure regulatory compliance, and maintain stakeholder trust. Recommendations include the adoption of advanced technologies like artificial intelligence and blockchain to enhance data governance capabilities, the provision of ongoing employee training to foster a culture of compliance, and the implementation of dynamic compliance monitoring systems to keep pace with evolving regulatory demands. By embracing these strategies, financial institutions can develop a resilient data governance framework that not only ensures compliance and security but also drives operational excellence, competitive advantage, and sustained trust in the increasingly digital financial landscape.
Keywords: Data Governance, Financial Systems, Multi-Source Data Integration, Regulatory Compliance, Cybersecurity, Data Privacy.