EFAMA KPMG Solvency II Report

4 WORKING GROUP FINDINGS | 35
This small group of experts could be widened to include any specialists in Data
Procurement with a focus of researching effective means of obtaining or improving
data. The practice should have a remit to include pro-active quality data auditing,
wider data education and on-going data policy development alongside supporting
and advising the Data Governance Committee and its members.
The successful implementation of an initiative such as data governance requires
that all those working in the process understand what they need to do and what is
expected of them. It helps to assign formal roles within the process. While the exact
nature of each role will vary slightly from company to company, the key themes of Data
Owner, Data Steward and Data Stakeholder are likely to feature in any implementation:
• Data Owners: Senior people responsible for the key decisions on an area of data
such as “What quality of data do we really need?”, “Who should add or amend it?”
and “How long should we keep the data?”
• Data Stakeholders: Senior people whose functional areas consume data and
contribute to the strategic decisions taken by the Data Owner.
• Data Stewards: People responsible for the quality of data in established datasets.
This is often already carried out for some data by those in existing Data
Management teams.
The Data Governance Practice will typically lead the implementation of Data
Stewards, Stakeholders and Owners in an organisation on behalf of the Data
Governance Committee.
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