Final answer:
Data governance in a business, especially in healthcare, refers to the creation and implementation of data rules and definitions by business owners to ensure effective patient care and the smooth operation of their business while following ethical and legal guidelines.
Step-by-step explanation:
The phrase in question refers to the concept of data governance in a business context, particularly in relation to healthcare organizations. Data governance involves establishing the processes, policies, standards, and metrics that ensure the effective and efficient use of information in enabling an organization to achieve its goals. This governance typically includes creating business rules and definitions that support patient care and business operations. These rules ensure that the data collected is accurate, consistent, and accessible in a secured manner.
Business owners are responsible for outlining these rules and definitions to regulate how their respective departments handle data. This responsibility reflects the broader ethical framework that businesses often adhere to, encompassing elements such as non-discrimination, anti-bribery policies, social goals, and environmental considerations. The result is a system that not only strives for profit but also operates within the confines of legal and ethical boundaries, with data governance being a critical component of this system.