A means of achieving corporate goals, data strategy is all activities which influence data management, data quality, the data model, data architecture, privacy and business aspects.
- ‘Management must ensure that the bank’s IT strategy provides a means of improving both data aggregation capacities and risk reporting procedures as well as a means of eliminating violations […].’ (BCBS 239, subs. 30)
- ‘[…] support of these projects through the allocation of appropriate financial and staff resources falls under the remit of the management board.’ (BCBS 239, subs. 30)
- ‘Large and complex institutes must also issue [strategic] statements in the interests of improving and expanding aggregation capacities for risk data.’ (MaRisk Consultation 02/2016, version of 2/18/16)
- No explicit requirement for in-house data strategy
- Creation of a separate data strategy advisable to underscore the importance of the topic.
- Do not define data strategy as part of IT strategy
- Responsibility lies with the executive board and the data management organization