In banking, data governance is about meeting both regulatory and internal requirements. Find out what’s required of your data governance plans by reading this guide. Data governance in banking means delivering tools for the banking sector to optimize its effectiveness and innovation but also support risk management and regulatory reporting. The introduction of data governance models in banking gives banks the resources they need to upgrade their current procedures and policies to improve their data protection mechanisms. The right data governance plan in place, banks always know exactly what data they have access to.
Source: https://www.techrepublic.com/article/data-governance-in-banking/