Buy-side financial institutions deal with copious amounts of data on a regular basis. And even though there may be numerous ways in which to store and maintain it, a considerable number of businesses are struggling with data management, according to a recent survey.
The poll, performed by a risk management firm that was founded in 1975, with nearly three dozen offices throughout the world, queried 300 companies. It found that in one form or another, all the companies had at least some issues with data management, as well as problems with data governance from a standpoint of implementing sound policies and practices. Forbes magazine reported that one of the largest issues numerous companies had – more than 55 percent – was related to gathering “responsive data” during an investigation.
“There are also issues in regard to accessing data on employee-owned devices,” Forbes reported. “The laws surrounding data privacy are very complex and may limit access to vital information.”
The survey found that more than two-thirds of the businesses polled expected to see laws that govern how data needs to be protected to become more rigorous over the course of the next two years.
Complexity of laws makes compliance hard
In order to abide by these laws, however, professionals have to at the very least be familiar with what they describe. That’s another problem that was found. For example, while companies’ legal departments exhibited a general sense of understanding related to data protection laws, this wasn’t the case for more than three-quarters of IT department figure heads. Approximately 77 percent said they had little or no knowledge of laws related to data transfer.
In addition, many of the 300 company executives polled said that they also had trouble accessing their document management systems. Forbes reported that only 38 percent considered their document data to be “very accessible,” with the remainder indicating that it would take a large chunk of time out out of their day in order to retrieve it.
It’s little wonder that so many businesses appear to be having trouble with handling reams of data. One of the world’s most well-known multinational technology and consulting corporations estimated that approximately 90 percent of the world’s data has been created in the last two years. Every day, roughly 2.5 quintillion bytes of data are generated.