In today’s world characterized by advancement and rapid technological changes, institutions across different sectors encounter difficulties and challenges in managing their data assets in terms of accuracy, relevance, consistency and reliability. This article presents a systematic literature review of cases, especially seeking the data governance processes that are key for the success of organizations in this case centered on financial firms. The case studies emphasized the measures they adopted which ensured success in safeguarding the quality of data. The case studies also implied the challenges they faced. The impact of measures implemented and the challenges faced provide a clear insight into how data governance is necessary for an organization’s operational efficiency. This paper captures data governance aspects that would be useful as well as some suggestions and practices that financial firms for instance other organizations should undertake to improve their data management practices, increase data use for decision making in their operations and strengthen regulation.