"What tends to happen is that if the central bank wants to tell the banks that 'you need to have a proper data governance model in place and for that you need to have a proper metadata tools and data lineage tools' then it becomes very easy for the bank to justify the investment required around it. Otherwise, most banks are in the process of saying 'yes it's important but I don't have the money'," he explained.
Currently, Kumar said they are in discussions with Philippines' central bank and the local banks to explain the importance of having data governance in place.
Meanwhile, he advised financial institutions that are planning to embark on creating a data governance model to choose partners that can support their journey and help them achieve their end objectives.
"Take the long-term view when crafting your strategy. You should start by asking 'can I build a glossary', then 'can I build a metadata tool', before 'can I have end-to-end lineage which can sustain for all the processes in the bank' - that's a perfect way to go forward," Kumar concluded.
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