Data is important to businesses. Data governance and compliance are critical to businesses. Data privacy breaches have dire implications on both the bottom line and reputation. Over $1.29 million fines issued in Singapore this year and a company can face up to €20 million in fines if found to have violated GDPR. It is an aspect of the business that companies cannot afford to ignore.
“We live in a data economy where data is in a sense more valuable than oil. With data privacy and protection concerns headlining almost on a daily basis, it’s becoming more important than ever for organisations to find ways to comply with the increasing amount of regulation in this area.”
– Koh Chia Ling, Managing Director of OC Queen Street
We were very lucky to be joined by Nimisha Tailor, a competition and regulation specialist, James Hutchins, Regional Technology Counsel at Dentsu Aegis Network (DAN) and Koh Chia Ling, Managing Director of OC Queen Street to discuss how organizations can use processes and technology to help set up proper governance and compliance frameworks. Together with the support of Level3, our event partner, we would not have chosen to spend our morning any other way.
Approaching data privacy
“Data privacy regulation can make markets competitive. Companies that comply with the law can compete better by building trust with their customers and using the data to deliver better and cheaper products and services.”
– Nimisha Tailor, competition and regulation specialist
Most companies have some idea or practices already in place to prevent data breaches and protect consumer’s information. However, as more data gets collected, stored and moved, it is not enough to rely on just common sense. Data is used differently from business to business. Organisations first need to look at the kind of data that is being collected and understand which consumer-protection laws they have to comply with. Other early steps include setting process and parameters that govern how data is managed and used.
Modernisation of compliance
It is challenging to keep up with the ever-changing laws of data privacy. This is where technology can help make compliance easier. In Meiro’s case, businesses that employ our Customer Data Platform (CDP) can set the type of data to be collected to prevent over-collection and also set rules that can automatically include or exclude users based on their privacy preferences. Especially for marketers, they are starting to see compliance as a key component in a customer-centric strategy. With a CDP, businesses can more effectively support a consumer’s right to privacy and elevate a customer’s experience by ensuring confidence through transparent communications.
Building the right team for data governance
“Great marketers understand that trusted brands are built on fair and transparent relationships with customers. When it comes to data, this means being accountable – marketers need to engage with legal, technology and data experts as key collaborators to build lasting value for key stakeholders.”
– James Hutchins, Regional Technology Counsel at Dentsu Aegis Network (DAN)
Data governance and compliance must be seen as an enterprise-wide responsibility and not something that only happens in the IT department or legal department. Typically, a Data Protection Officer (DPO) is appointed to develop and lead data privacy initiatives. They often identify the appropriate leaders, such as heads of departments who oversee operations and are involved in strategy, to drive and be accountable for the type of data that they are handling.
The right team will be able to combine data governance policies well with technology to enhance an organisation’s ability to make decisions with data by ensuring that users will have faster, more seamless and trusted access to the right kind of data to take action on future opportunities.