DECEMBER - JANUARYCIOAPPLICATIONSEUROPE.COM8IN MYOPINIONTPRAKASH KUTTIKATT, FORMER HEAD OF GROUP DATA QUALITY STRATEGY, COMMONWEALTH BANKhere have been significant advancements in data and analytics during the past decade and the evolution continues at a dramatic pace. The progress experienced to date in artificial intelligence and machine learning has been astonishing, underpinned by an equally exponential growth in data volumes and other technology advancements. In this constant and often competing arms race towards the `next frontier,' one fundamental factor for success is often overlooked: data governance and quality management. This is echoed in the parallel and seismic shifts in customer, government, and regulator expectations and requirements of security and privacy world-wide. It is critical therefore, that organisations balance their focus to ensure that the fundamentals are addressed right relatively quickly.Why It Matters and Why Now?1) Data Governance: One of the key drivers of the urgency around data governance is the rapidly shifting regulatory and compliance landscape across the globe; this is further spurred on by high-profile personal data access, security and privacy issues such as Cambridge Analytica, and others to name a few.Regulators world-wide are responding with stringent legislation­the European Union's general data protection regulation (GDPR) legislation which came into effect 25th May 2018 is a prime example of change which had global ramifications. The European Union was not alone­California's Consumer Privacy Act (CCPA), for example, became effective 1stJanuary 2020 and places significant obligations on organisations to ensure ownership and control sits with consumers. Whilst this is limited to California now, it is widely expected that other states will follow. Locally, we can see the same focus by industry-specific regulators such as the Australian Prudential Regulatory Authority (APRA) in Australia also signalling its interest in this area, with further guidelines being issued in relation to financial services.Other notable developments include the rapid progress in open data and open banking initiatives across the world. The Consumer Data Right legislation in Australia (Banks and Utilities), Open Banking in Unkind PSD2 in EU are dramatically shifting the landscape and the fundamentals of data ownership.Whilst this change is being driven by regulatory regimes, it is important to note that they are reflective of the shift in customer expectations with respect to how organisations treat their data.To effectively respond to this rapidly shifting landscape, having a well-co-ordinated strategy across Data and Analytics Transformation­Getting the Fundamentals Right
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