Risk Management is an essential part of business operations. Unfortunately, like Citigroup, most businesses realize the importance of risk management when it was too late.
In October 2020, Citigroup, a multinational investment bank and financial services corporation, faced a steep $400 Million fine for poor data governance. According to the New York Times article, a Citi bank employee accidentally wired $900 Million to a lender group to Revlon's beauty products maker. Also, "The [Office of the Comptroller of the Currency] cited the bank's violations of the Fair Housing Act in 2019 and the Flood Disaster Protection Act earlier this year, and attribute both to Citi's inadequate risk management procedures", states the New York Times article.
Like other significant enterprises, Citigroup is reacting to fines instead of proactively avoiding risk when it comes to their data. Risk Management is one of the many features in Data Governance. An effective Data Governance Framework evaluates the acquisition, development, use, and disposal of data. For example, data privacy is the practice of ensuring appropriate controls around data to reduce risk significantly.
As a component of data governance, risk management evaluates how data is acquired, organized, prioritized, and distributed within an organization to maximize value and minimize error.
Companies looking to avoid steep fines should implement a streamlined approach to data governance, which considers effective data stewardship, federal policies, legal considerations, and data processes. Businesses aren't always able to stand up data governance and risk management solution in-house either. That's where companies like CCG can support these data governance initiatives and enable businesses to see rapid results.
Learn more about CCG's data governance methodology and framework and empower your business with a proactive risk management approach.
CCG understood our project needs very well, they are very responsive and we could not ask for anything more. The solution they provided fit perfectly with our expectations and business goals.GOP Data TrustChief Data Officer
I cannot overstate the delight we experienced from the outcome of our project. I would not only recommend CCG to any company, but question why they would engage with anyone but CCG.PgiDirector of Customer Success
Working with CCG is like working with extended team members. Consultants become an integral part of the work bringing expertise for cutting edge design and development.Hillsborough County Public SchoolsChief Information and Technology Officer
CCG's team is positive and eager. They are a great big bunch of wonderful people trying to make a difference.Hillsborough County Public SchoolsDepartment Manager
I knew CCG's technical expertise and dedication to quality results would be invaluable to our project success based on our past partnerships. We could not have implemented in the short timeframe like we did without their assistance. CCG is #1 on my speed dial for successful project implementation.InCommDirector, Financial Information Systems
It was evident from the onset of negotiations through the implementation that CCG took their role in the partnership to heart and we believe it has been instrumental in our success.Interval InternationalDirector of Marketing
CCG works very hard to understand and align with our needs. It truly feels as though we are on the same team!Fortune 500 HomebuilderBI Manager
CCG came to our company in a time of much change. Their team partnered with ours, continually delivering with professionalism and efficiency. We would not be where we are today without the expertise CCG brought to the project.PSCU Financial ServicesSenior Program Manager
CCG has a good industry knowledge, we are very happy that we chose to work with CCG. They have been a great help strategically and are helping us make important decisions.Minneapolis Public SchoolsHuman Capital Coordinator
Other Vendors use the word Partnership, but CCG actually means what they say. I can’t thank them enough for their professionalism and willingness to work with us as a true Partner, not just another vendor.PODSCIO
Our CCG Consultants are total rock stars: very thorough with a solid knowledge of the financial services industry. As a bonus, they are very easy to get along with – a great fit for our team.Raymond James Financial ServicesSenior Manager of Enterprise Data
CCG's team are all amazing. Thank you, CCG, for all that you do to make us great and keep our credit unions moving forward!PSCU Financial ServicesVP Enterprise Analytics & BI
Other Vendors use the word Partnership, but CCG actually means what they say. I can’t thank them enough for their professionalism and willingness to work with us as a true Partner, not just another vendor.PODSChief Information Officer
CCG's Team is very professional and responsive. They are making our job very easy.Rollins, Inc.Senior BI Analyst
CCG did an excellent job! Their team was very flexible. They gave us everything we asked for and then some.Rooms To GoSenior BI Architect
I'm amazed at the talent at CCG, not just the skillset - they're really good people. We've already referred them once and will do so again!Ruth's Chris Hospitality GroupCIO
CCG did a great job! We're extremely impressed with what was built in a short time. CCG has delivered ahead of time and with best practices, it's been a pleasure to work with them.VologyVP of Analytics
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