Compliance Newsflash

PwC Survey Says Senior Execs' Data Management Strategies Not Measuring Up Despite Regulatory Requirements

According to a recent PricewaterhouseCoopers' (PwC) Global Data Management Survey of 452 companies in the U.S., U.K. and Australia, almost half of all respondents don't believe that senior management places enough importance on data quality. Despite new regulatory requirements and a stricter business operating environment stemming from major corporate scandals, board level engagement in data management issues has declined in the past three years. Although 67 percent of all organizations surveyed claim to have a company-wide data management strategy in place, up from 63 percent in 2001, only two in five respondents are certain that their data management strategy has board approval. Only 59 percent of all respondents think that the senior management of their company place sufficient importance on data management. Ironically, the survey also revealed that 63 percent of respondents consider privacy, security and compliance with external regulations as the most important business driver.