Ensure ethical use of consumer data and regulatory compliance
Compliance with data privacy regulations requires financial institutions to have control mechanisms in place, assuring data lineage and transparency. A properly envisaged data controls framework with robust data automation techniques can extend enterprise capabilities to address ethical usage of consumer data. Financial institutions need to ensure enterprise alignment and executive sponsorship to ensure that the foundational aspects of implementing controls are in place.
- People: Setting up of data office, functional structure, and governance standards
- Process: Business and data management processes, operations monitoring, reporting, and compliance with data regulations
- Tools: Data governance tools, software, analytics, and technology guidelines for usage
- Architecture: Design standards, guidelines, checklists, and change management