Ready for takeoff?
Five critical in-flight safety measures
How do organizations begin to grapple with these legal risks? From our work with businesses to address legal and strategic issues simultaneously, we have developed five key principles to address the demands that big data and analytics are now making on organizations.
- Confront the legal issues on an enterprise-wide basis
Legal issues must be addressed by the business as a whole, rather than through silos. This also offers an opportunity to bring together other policies and solutions, so your company can create a single, coherent strategy for the business.
- Identify legally questionable practices
The lack of good information management practices can cause your organization to unwittingly hold legally questionable data. This is a good example of where the legal and strategic responses to the challenges of big data go hand-in-hand: excessive, low-quality data represents an unnecessary legal risk, as well as a pointless cost.
- Build a new structure for handling the legal issues
A new discipline requires new types of leaders to confront the challenges it presents. New roles such as chief privacy officer and chief information strategy officer will need the same credibility and authority as chief risk officers currently have.
- Create a virtue of data privacy
Commercial organizations increasingly recognize that there is value to be gained from having a reputation for good practice with data. Confronting the legal and regulatory challenges presents an internal opportunity for your organization to embed a culture of data awareness at every level of the business.
- Consider the customer in all legal decisions
Your company should always think about what benefits you can generate for your customers and for the public in general. If companies focus their big data efforts on things that solely benefit themselves, they risk damaging the social contract that allows them access to such data.
Protection of personal data generates trust and business opportunities, and any ignorance of legal issues leads to financial, legal and reputational risks.