Deriving value and loyalty through customer data protection
By managing customer privacy, there is significant business value derived from the resulting customer confidence and relationship.
1. Data privacy management enablement
2. Transparency and trust in the firm
3. Customer empowerment by the Zero-Data
4. Efficient data portability to other environments
5. Standardized customer communication channels
These enablers drive competitive advantage for an organization to gain customer wallet share, while also reducing the reputation and regulatory risk associated with an event of a data breach.
Further, if a customer trusts the organization by providing additional information, willingly - which in-fact is called zero-copy data - It makes it imperative that the accuracy of that data be managed well for portability.
The data office is not the owner of a privacy control function, however, the data capabilities that exist at a certain maturity cover most of the data privacy capabilities. These data capabilities are governed by the data office.
Coming from the aspect of “accountability for data privacy” is the need for a mature data ownership model in any organization. The accountability of the data controls, whether entitlements around private data or security requirements, need to be captured by the data owners for each direct and in-direct customer identifying information.
The governance function directs, monitors and evaluates while also enforcing accountabilities through business ownership and stewardship. Further, the associated data owners would be updated in the data dictionaries enabled by metadata management.
Once data ownership is enabled, the existing privacy classifications and security requirements for customer data can be actively managed.
This also sets the context for the data owner in capturing entitlements (control requirements) across the data life cycle, as a data controller, for any new data acquired.