Hardtalk : Data governance - the magic wand for data wizards?

Check out this hardtalk on data governance between Michael Salmony, executive advisor at equens Worldline, and Kalliopi Spyridaki, chief privacy strategist, Europe & Asia Pacific at SAS.

 

 

Is data governance the magic wand for data wizards? From problematic cookie regulation to wide diversity in regulatory/market approaches globally, no single authority is really wielding that magic wand successfully.

Yet in today’s digital evolution and transformation, scalable and sustainable governance of data is more important than ever. In a big-data-fast reality, many financial institutions have to manage hundreds of thousands of data sources, potentially millions of different data sets, and a growing number of self-service users consuming and trying to manage that information.

At the same time, new and more prescriptive data legislation raises many questions on how to govern data in a user-friendly, secure, profitable and compliant way. Thus, it has become essential for every company to review its data governance policies. The handling of data has become a key topic on executives’ agenda.

Listen in to this hard talk and join us for our webinar on demand – “Data Governance: The Key to Compete in a Digitized Financial Services Market”.

 

Michael Salmony:
Okay, welcome everybody. My name is Michael Salmony. And today I have the pleasure of being with Kalliopi, from SAS, who knows everything about data. Our topic today is to talk about data governance. Now everybody’s talking about data. But Kalliopi, if you can help us a little bit, what is data governance?

Kalliopi:
Well, data governance is about governing data. But it relates to policies and tools. As you know, organizations today have figured out the value of their data. And with more and more regulation on data, they need to be able to understand what data they have, where it is, what their data flows are, how to process that data, how to analyze that data, how to delete that data. So, data governance is about putting in place rules on how to manage our data.

Michael Salmony:
That sounds eminently sensible, because we all want to control our data better than what’s happening now. But isn’t there a fear this may just be a turbo, the ghastly cookie consent pop ups that we get all the time?

Kalliopi:
Yes, the cookies is a good example of over-regulation in a way. So we would like to be able to consent, but the constant pop-up has sometimes the opposite effect of “we want to get rid of it so we don’t read the details around the pop up”. Data Governance is about also making sure that the back end of your data is well managed and regulated. Cookies is what we see in the front but there is a lot of data that organizations hold that they need to manage before we even come to cookies over consent.

Michael Salmony:
So one side is the sort of consumer side with things like the consent dashboard maybe where I keep all my consents of who is allowed to see what and I quickly withdraw consent, which raises its own questions, how do you organize that? Is it all going to be centralized? Or is that going to be spread all over the internet to every provider. And the other one is the back end, maybe you could say a little bit about how that’s going to work. I find it a bit hard to imagine how it’s going to look like in practice at the moment.

Kalliopi:
Well, consumer facing organizations obviously have to manage the data of the customers. And they have to now with privacy rules and more data related rules that empower. Organizations will have to also be able to respond to individuals’ rights and their requests to access their data ,to delete the data and not to port their data to other service providers as well. On the other hand, there is a lot of data that is not used directly with the consumer; a lot of companies like SAS are in business to business space. And so that data is also valuable in that data also needs to be protected. And data governance at that end will be about making sure we manage our data well in order to get value out of that data, and also be competitive and comply in the long term.

Michael Salmony:
Now, that makes a lot of sense, because we want to have also the companies managing the data well for us, not just us managing our data. And so in the back end, you need to do things. But how do you see that working given the incredibly fragmented regulation about privacy, about data across the world? And data is global. Of course, you know, we use service providers all over the world. And then we have different regulations. How is that going to work?

Kalliopi:
Yes, it’s a challenge for organizations today. And it’s a challenge for smaller organizations because they don’t necessarily have the ‘know how’ and the resources as a charge for bigger organizations, because they span across many geographies, and the problem becomes more complex, in that case. Privacy regulations after the GDPR obviously have become more, not necessarily more complex, but more around the world. They are all based on similar principles, but there are nuances that make it harder for companies that I think that in at least in the privacy world, we have moved towards a stage where organizations know about privacy, understand in general terms the requirements, and are complying more and more, are making the effort towards more sustainable compliance. Now we will see a lot of other rules around data. As you know, Europe is moving ahead with more legislation on data access and data sharing. And of course there are rules around artificial intelligence that we’re going to be seeing soon. And that is likely to be as complex as the GDPR was at the beginning to comply with.

Michael Salmony:
Can I just made me jump in there because you mentioned this data market that the EU is now creating; which is a hugely work quite an amazing regulation, that we open up all industries and connect all the data to make new services. Does that sort of thing help you? Or does that scare you? Because you’re going to get even more data to manage, there’s going to be even more potential for leaking, even more cyber-attacks that can happen on the basis of that? Or do you see that more as an opportunity?

Kalliopi:
I think for SAS, the more data, the better. We’re very good at analyzing a lot of data and helping organizations manage their data and govern data. There is an increased risk potentially by creating bigger data pools in terms of security. But the regulators have been thinking about those issues and are taking the time to put these rules together in order to get the value out of the data to have better and more data to analyze, but make sure of protections around privacy and cyber related threats. So, it’s an opportunity.

Michael Salmony:
I’m sure for companies like yours and others, this might be a great opportunity that surely something really worth doing right. We need our data organized and protected. And we need to get better at this than what we are now. So thank you very much, Kelliopli. You’ve been very enlightening on data and especially data governance, which is a topic not many people are really aware of. So thank you very much. You’ve truly been the muse of eloquence. Thank you very much.

Kalliopi:
Thank you.