XAVIER LABRECQUE ST-VINCENT | Associate Partner, Capco
VARENYA PRASAD | Principal Consultant, Capco

In an artificial intelligence enabled organization, traditional data governance practices face challenges due to the complexity of AI algorithms, utilization of unstructured data, dynamic data transformations, integration with external data sources, and the lack of interpretability in AI models. 

To overcome these challenges, financial institutions can deploy strategies to increase transparency, refine metadata for unstructured data, and foster collaboration. Furthermore, data ownership and stewardship roles demand evolution in the AI-driven landscape. Ownership now encompasses AI models, algorithms, and insights. 

To address the needs of stakeholders and ensure responsible AI usage, collaboration, technical expertise, and a focus on governance and compliance become crucial. By adapting their data governance frameworks to accommodate the unique challenges presented by AI, financial institutions can maximize the value of AI technologies while maintaining data quality and trustworthiness. 

This transformation in data governance is essential for financial institutions to capitalize on the benefits of AI and maintain a competitive edge in the industry.