Weekly Research Project: Milestone 2

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Running head: PROPOSAL PAPER 1

PROPOSAL PAPER 5

Proposal Paper

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Description of the Industry

Data plays an imperative role within organizations especially with regards to decision making. Organizations therefore need to establish a strong and comprehensive mechanisms of collecting, storing and managing information. Information governance is defined as a universal approach to the management of corporate data through implementation processes, data roles and responsibilities, control measures and metrics aimed at treating information as essential business assets (Smallwood, 2019). An organization therefore needs to establish effective mechanisms of managing data to help in decision making. Key concepts and practices in information governance include; data protection and security, information compliance, risk management, electronic discovery, data privacy and storage, data audit and analytics, business operations and management and knowledge management (Smallwood, 2019). The Finance and Banking industry is one of the most imperative sectors in the economy. The industry highly depend on data for effective decision making. This study will there offer a comprehensive discussion on information governance and management within the banking and finance industry. It will analyze the challenges of information governance within the banking industry.

The banking system is composed of various institutions such as internet banks, brokerage firms, credit unions, insurance companies, investment companies and banks and central banks (Khatcherian & Jefferson, 2009). These institutions are the main players that make up the banking system. To effective operate within the industry, an organization must have updated data on the above institutions as well as their current trends. The main stakeholders in the banking industry on the other hand include; employees, shareholders, customers, public organizations, and government authorities amongst others (de Abreu Faria, Maçada & Kumar, 2013). An organization within the industry must therefore have data on all the stakeholders in the industry to operate effectively. The roles played by each stakeholder must consequently be well understood to ensure success of an organization within the industry.

The most outstanding challenge with information governance facing the banking and finance industry is information sharing and collaboration. Collaboration and information sharing within the industry has undergone a rigorous revolution due to the use of technology (Tallon, Ramirez & Short, 2013). Large networks of partners within the industry required to deliver innovative services to customers consequently suffer from collaboration and sharing of information. Effective governance of collaboration across the distributed environment is thus challenging (de Abreu Faria, Maçada & Kumar, 2013). Creation, processing and analysis of information is another factors that affects information governance within the industry. Lastly, the industry suffers from poor and weak IT and information governance policies.

References

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