By Stephanie Simone
In an era of dynamic and uneven requirements, regulatory compliance is strategic enabler for growth, competitive advantage, and mastering AI governance.
Organizations should aim to not only keep pace with regulations but also unlock tangible business value from their compliance investments.
DBTA welcomed experts from Informatica to discuss how Informatica’sIntelligent Data Management Cloud (IDMC) canempower businesses to transform compliance challenges into growth opportunities during its webinar, Regulatory Compliance as a Strategic Enabler: Intelligent AI Governance to Accelerate Enterprise Impact.
Steven Totman, chief architect, EMEA and LATAM, Informatica; Paul McCormack, director, product management, Informatica; and David Thain, principal marketing manager, regulatory compliance, Informatica, participated in the discussion.
The EU’s proposal for an “Open Finance” framework will require banks, insurers, and investment firms to share consumer financial data across a broad range of products, they explained. It will empower consumers with control and transparency over their financial data as the Second Payment Services Directive (PSD2) did for payments, but much broader to include pensions, investments, mortgages, insurance, and more.
And privacy legislation in the United States is a patchwork of laws and regulations passed by state governments. Worldwide, laws cover several areas: data compliance, resilience and security, AI governance, and sharing and portability.
McCormack, Totman, and Thain recommend mapping common requirements to platform capabilities. For data compliance include:
- Sensitive data mapping
- Data minimization controls
- Accuracy and quality
- Storage limitation
- De-identification
- Cross-border transfers and data sharing
- Audit and accountability
- Risk assessment
For resilience and security include:
- Critical data asset inventory
- Data dependency mapping
- Access control
- Data quality
For data sharing and portability include:
- Data integration flows
- Data Standardization
- Data lineage
- Data sharing agreement
- Data quality for sharing
And for AI governance, make sure to include:
- Data, system and model inventory
- AI-ready data
- Workflows
- Data and model lineage
- Alignment to emerging laws, regulations, standards, frameworks, and orders
Informatica offers all this with CLAIRE, the AI technology underpinning the Intelligent Data Management Cloud.
They said that IDMC can help users understand data with a comprehensive inventory, observe and monitor for compliance, control access in line with regulations, and deliver trusted data for regulatory reporting.
For the full webinar, featuring a more in-depth discussion, Q&A, and more, you can view an archived version of thewebinar here.