Once companies start thinking of data as an asset, governance becomes really important. Clear controls can ensure companies implement a framework to manage the risk of sharing sensitive information.
“As [businesses] start to think more about valuing data as an asset, our sophistication in managing it along its lifecycle will change,” Data Republic co-founder Paul McCarney says.
“This won't happen for a while because we need liquidity in the data for [users to find] value.”
Data Republic provides a platform and legal framework to help organisations manage the governance and the security of sharing data.
“Our company sits in between the data sets,” McCarney says. “We manage the process which includes the communication, the workflow and the data transfer between this environment and the analytic environment.”
It is clear companies and their executives need to prioritise the management of data, Gray says.
“If [data] is being used, is it being protected, governed appropriately, and is it creating customer and business value?” Gray says. “If not, you probably have some work to do.”
Sharon Klyne is Associate Director, Communications, Institutional at ANZ
This article is an edited version of comments made at ANZ’s Finance & Treasury Forum in Singapore in 2018.