article thumbnail

Data Governance: How Can It Be a Crucial Enabler for Managing Data Risks?

Dataversity

In July 2021, one of the world’s leading banks revealed a loss of $5.5 The bank identified the “failure of management and controls” in its investment banking arm as the fundamental cause of this loss. billion due to a default by one of its customers.

article thumbnail

Principles of Cloud Data Governance For Banks

The Data Administration Newsletter

Banks – and their data volumes – are at the epicenter of the world’s digital transformation. The pace of change mirrors the velocity, volume, and variety of data within the industry. It is where new products, new markets, and new touchpoints mean new – often cloud-based – ways to do business in financial services.

Banking 59
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Data Governance in Financial Services: How to Ensure Data Integrity for Risk Management and Reporting

Astera

Introduction   As financial institutions navigate intricate market dynamics and heighten regulatory requirements, the need for reliable and accurate data has never been more pronounced. This has spotlighted data governance—a discipline that shapes how data is managed, protected, and utilized within these institutions.

article thumbnail

Driving Government Efficiency: How Automated Bank Statement Data Extraction Saves 70% of Cost 

Astera

One such innovation that has caught the attention of government bodies worldwide is automated bank statement data extraction. By harnessing the power of automated bank statement data extraction, governments are revolutionizing their operations and achieving substantial cost savings.

Banking 40
article thumbnail

The IRS Embraces Big Data to Fight Tax Fraud

Dataversity

In addition to tech millionaires secreting their wealth in cryptocurrencies and digital banks, increased incidences of identity theft and refund fraud […]. The post The IRS Embraces Big Data to Fight Tax Fraud appeared first on DATAVERSITY. This is due mainly to the rise of non-fungible tokens (NFTs) and the crypto bubble.

Big Data 246
article thumbnail

Data Provenance vs. Data Lineage: Key Differences

Astera

Data Provenance vs. Data Lineage Two related concepts often come up when data teams work on data governance: data provenance and data lineage. Data provenance covers the origin and history of data, including its creation and modifications. Why is Data Provenance Important?

article thumbnail

26 Interesting Statistics around Big Data, Data Science, and Analytics Market, Jobs, and Salaries

Analysts Corner

According to Healthcare Big Data Analytics Market Report 2022 , by 2027, big data in healthcare is predicted to reach $71.6 By 2025 , the market of big data analytics in banking is predicted to grow to $62.10 By 2027 , the use of big data application database solutions and analytics is estimated to reach $12 billion.

Big Data 246