Data governance earns trust and increases market share
When a professional services firm wanted to ensure it could uphold the data handling standards expected by customers
We developed their data governance practices, helping to improve their Supplier Trust Score by 58% and in the process increase market share
Businesses around the world are increasingly leveraging powerful data assets over traditional ‘bricks and mortar’. As a result, organizations are under pressure from governments, regulators and the public to ensure the right governance of these important data assets.
Several high-profile instances of data-breach and ‘tightening’ of data protection legislation in Australia and around the world have heightened the general awareness and need for companies to have good data governance practices.
Our Client, a professional services firm, took note of their customers’ concerns for data protection and IT security. After an initial review, it was clear our Client had substantial gaps in their data governance practices. If unaddressed, they were at risk of losing the trust of customers and subsequently valuable market share.
How we helped
Human Sparks was asked to address these data governance and IT security gaps. To do this we leveraged Human Sparks’ unique data governance framework, evaluation process and leading practice templates.
Human Sparks took a risk-based approach that considered relevant legislation, operational standards and industry-specific requirements. Current organizational capabilities were evaluated against 27 specific capabilities needed for good data governance and IT security today.
A tailored data governance practice was developed to address gaps and align with leading practice.
Human Sparks then worked with managers to integrate and implement the improved data governance practices across our Client’s organization. This ensured people had awareness, competence and accountability to adhere to the new practices.
Human Sparks’ data governance services provided following deliverables:
- Summary of legislative and standards compliance requirements.
- Data and IT risk assessment.
- Organizational capability evaluation to determine strengths and areas for further development to address risks.
- Comprehensive data governance practice to detail the required changes to data handling and IT security practices.
- Data governance program to implement changes throughout the organization,
Following our work, an external audit by an independent assessment firm found that Human Sparks’ data governance services improved our Client’s Supplier Trust Score by 58%.