Business leaders have not just a responsibility but an imperative to have agile, flexible and measurable data privacy and governance policies in place.

After all, Gartner predicted that by 2024, 75% of the global population will have its personal data covered under privacy regulations. A prediction we’ll likely see pan out.

Across the globe, new privacy regulations are being introduced at a fast clip and companies must stay knowledgeable about and compliant with the changing regulatory environment. In addition, keeping up with fluctuating public perceptions and business trends can tax even the savviest leaders.

Why is this such a tricky situation? In theory, when executives harness data efficiencies and effectiveness they can help drive company growth, create better customer experiences and improve ongoing customer service. In reality, this isn’t always the case. The proliferation of data in most companies is immense— and not all of it lives solely in their systems which compounds the complexity of good governance. As a result, business leaders don’t always fully know how company data is collected, stored, used, shared (or not), updated, correlated and connected— and as a result, don’t know if their governance is effective or fail to have the right governance in place overall.

Although data governance is by no means an easy process, there are some best practices companies can consider incorporating to develop and maintain a successful governance program.

Establish a clear governance strategy.

Good data privacy and governance starts with clear, simply worded principles that employees, customers, partners, vendors and other stakeholders can understand and follow. Once the vision and strategy are in place, make sure that they support and align with corporate strategy and growth objectives. A company’s board of directors also should weigh in and create oversight frameworks to hold the leadership team accountable. It's also essential to make sure that line-of-business and functional leadership approve and support the program prior to executing it.

Make trust a priority.

One of the most important elements of an effective data governance program is trust. This doesn’t mean saying, “trust me.” Rather, it means demonstrating trust through words and actions that people can verify. Given the fluidity of the landscape, there is no end to this effort. But, this is exactly where most companies can stumble and fail. Many start off well, conducting damage control when needed, but rarely make the effort to continue showing their ongoing commitment to or investment in privacy and governance. Instead, companies need to be open about their program, goals and measures of success. Publishing your governance strategy, describing the processes and sharing the metrics can go a long way in developing stakeholder trust for the long-term.

Make it part of your culture.

Data governance is not a one-off project; it’s a journey. It must become embedded in your company’s culture to truly be successful. By involving top executives from the start and securing buy-in at every level you can help ensure that your entire team is taking your approach seriously. In addition, companies must allocate resources to test adherence and measure quality to ensure that the program is meeting its objectives. This means reviewing your program regularly to determine what’s needed to stay on pace with new rules and regulations.

Tie into DEI efforts.

Diversity, equality and inclusion (DEI) efforts should also be considered in the context of data governance. It’s no secret that a diversity of thought and perspectives can help companies view possible issues from all possible angles. As a woman in tech, I can attest to the importance of DEI initiatives when developing key company policies like data privacy and governance guidelines. In particular, these initiatives can help inform the communications strategy for your data governance efforts, ensuring your governance is free from unintended bias.

Tap the power of AI.

Recently, I wrote about the ethics of AI and the wide-reaching benefits when used responsibly. In the case of data governance, AI can be a democratizing force. It can serve as a 24/7 protector, helping businesses detect anomalies like data breaches and adding automation in the privacy, compliance, and security of data. In addition, AI makes sure that data reaches the right user without getting intercepted by anyone planning a cyberattack or to use the data inappropriately.

The importance of effective data governance cannot be underestimated. Not only does it help companies make the right decisions, but it helps ensure that they are making decisions in the right way. Without strong policies in place, companies are vulnerable to broken processes and negative stakeholder opinions, which can have a lasting impact on an organization’s reputation and productivity. If you don’t have a strong data governance plan in place, now is the time to act. This is not an area of your business that you want to leave to chance.

— Katrina Klier