Data security and protection top the list of concerns for a group of 100 CDOs across Europe who were surveyed recently by Gresham. But the major point of agreement (80% of those surveyed) was that greater investments should be made in machine learning and data management.
An excerpt from the PRNewswire report:
“Survey insights include:
• GDPR is the most complex regulation for over 69% of CDOs
• 36% of respondents are turning to new data management technology for regulatory compliance
• 52% of financial CDOs surveyed are unaware of all data gaps in their organisation
• 36% of respondents feel their data governance strategy is inadequate
• 1/3 of respondents are setting up centres of excellence to institutionalise data innovation“Data management and machine learning are the clear winners of investment from respondents, with over 80% setting some of the budget aside for them in the coming two years
“Effective data governance has its roots in data quality and real business improvement,” remarked Chris Bannocks, Group Chief Data Officer of ING. “The strategy should support regulatory requirements whilst enabling business results.”
