The Role of Data Governance in Achieving Compliance and Trust in Healthcare and FINTECH

Advanced technologies are emerging with continuous research and innovation, leading to voluminous data generation as a facade for industrial operations. The ongoing emergence of data has also led to threats and risks, forcing industries to adhere to stricter regulations. Healthcare and FINTECH are such industries that operate with confidential data from their customers and stakeholders. Robust data privacy techniques, evolved by integrating modern technologies, to protect PHI (personal health information) and PFI ( personal financial information. Ethical data governance and management are a strategic imperative to avoid any breach, fraud, or misuse. Research is presented using this white paper on legal mandate and trust benefits of data governance methods for both Healthcare and FINTECH. HIPAA (the Health Insurance Portability and Accountability Act), GDPR (General Data Protection Regulation), and other regional mandates can be implemented for healthcare data management and security. Similarly, for FINTECH institutions, benefits upon implementing PCI DSS (Payment Card Industry Data Security Standard), AML/KYC (Anti-Money Laundering/Know Your Customer), SOX (Sarbanes-Oxley Act), and DORA(Digital Operational Resilience Act) are presented in further sections of this paper [1]. Exploring ethical data management and compliance can help to create a resilient data architecture that can be integrated for customer requirements and sustained with long-term stakeholder relations.