This Week in Data – April 5

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Australia’s latest data privacy rules revealed

The battle for the Consumer Data Right continues in Australia! The country’s competition regulator has just released a draft set of rules and they’re…well, they’re interesting to say the least. Consumers would get three ways to request data: product data requests, consumer data requests, and requests made through an accredited person. This is the start of a long journey for the Consumer Data Right, but given the whole world is watching? It’s an important one.

THE TAKEAWAY:

“Rules concerning what minimum information security controls must be in place to limit risk of inappropriate or unauthorised access to a CDR data environment have also been outlined in the draft.”

 

New association sees businesses band together to discuss data ethics

Speaking of down under, several banks and companies – including Data Republic, by the way – have created a new group called the Data Institute. The purpose of the group is to discuss and tackle data ethics and how data governance should be implemented across different industries. We want to set the standard for what good data practices should be.

THE TAKEAWAY:

“Ownership of data is a thing of the past. This whole area will be driven by regulation. The winners will offer the best customer experience, and customers want to know you are trusted, make decisions transparently, and they have control over how decisions are made about them.”

 

Australia’s Federal Budget includes data matching for payment efficiency

Okay, one more Aussie story and we’re done. The Government handed down its Federal Budget this week, and those receiving social security benefits will be subject to a new process for reporting wages. New data matching techniques under its Single Touch Payroll program mean it can more accurately judge how much recipients should be paid. The good news? The Government said it will stop accidental repayments, which folks have to eventually pay back.

THE TAKEAWAY:

“The federal government’s decision to automate its “Single Touch Payroll” system and share income data across departments will help it calculate the correct amount of money it owes to Centrelink recipients.”

 

Data trading the key to artificial intelligence

Everyone wants some of that sweet AI power, but how to get it? A new Forbes article has the answer: data trading. The secret, it says, is to think of data like money. Start using it to leverage deals, broker alliances and coordinate with different departments. Only then can you start gaining a true competitive advantage.

THE TAKEAWAY:

“To get things moving, you need to go from the general concept of data sharing with customers and suppliers to the specifics of exactly what data you want and what you are willing to give of value in exchange. As with so many business relationships and business process improvements, it is more likely to happen if you start small.”

 

Singapore focussed on setting highest standards of data governance

Singapore has had more than a few problems with its data programs lately, including a leak within its medical entity. But as ZDNet points out, it seems to be serious about fixing the problem. The country has now set up a committee with multiple private members to help investigate new data privacy methods and processes within the government. Yet another sign data governance seems to be dominating as the major topic of 2019.

THE TAKEAWAY:

“The review committee now would help ensure government agencies had “the highest standards of data governance”, the Prime Minister’s Office said. “This is essential to uphold public confidence and deliver a high quality of public service to our citizens through the use of data.”

 

That’s our wrap for this week. Thanks for reading – we hope you found it entertaining and informational. We’d love to hear your thoughts on these articles and anything else data related! Email us anytime at enquiries@datarepublic.com!

Until next week,

Team Data Republic