IBM will be collaborating with industry leaders and specialists in a consortium to design and pilot a proposed rating system to help enterprises evaluate their data governance and controls policies and processes.
The rating is being created with the goal of boosting confidence in data and AI technologies as Singapore’s digital economy is targeted to reach US$22 billion by 2025. This consortium will be led by Credence Labs, which has experience in developing a global index that measures the work of governments in smart cities.
According to IBM, the surge in digital and mobile app adoption across the ecosystem of consumers, corporations and government that was accelerated by the global health pandemic in the past 18 months has not been matched by an improvement in consumer confidence in the effectiveness of the governance of data.
In fact, a study by Morning Consult commissioned by IBM found that consumer trust levels towards enterprises were waning. This study found that only three in four Singaporeans surveyed trust large tech companies (60%), healthcare (77%) and financial institutions (81%) to protect their personal and sensitive data.
Furthermore, 69% said they would remove permission of applications tracking behaviour if the apps tracked activity across other apps and websites
“Modern enterprises need a proactive approach to address regulatory compliance with digital solutions that can help them quickly recognise and internalise new regulations to protect the position of their stakeholders and consumers.
“We are confident that the planned holistic and inclusive model of the rating system could boost data policy standards and governance in Singapore,” said Martin Chee, Managing Director, IBM ASEAN.
Decentralising data governance
As a consortia member, IBM plans to design an open and decentralised data governance, risk and control framework, using IBM Cloud Pak for Data, it’s data and AI platform, and the other IBM products that are available on the platform - OpenPages with Watson, Watson Knowledge Catalogue and Cognos with Watson.
The framework built on Red Hat OpenShift can run on any cloud. The aim is to unite data from disparate and siloed sources into a cohesive and classified structure for identification and assessment.
Applications that are built once on Red Hat OpenShift can be deployed anywhere on any cloud. The cloud-native architecture of IBM Cloud Pak for Data could potentially help unify and simplify the collection, organisation, and analysis of data for future participants of the rating system.
Coupled with IBM OpenPages and IBM Cognos with Watson, any pilot participants could potentially experience a rich and interactive experience when assessing and measuring key factors, such as accountability within the framework of relevant regulatory legislation.
Other consortia members are Credence Lab for certification; Drew & Napier for legal and general consulting; Eden Strategy Institute for strategic consulting; KPMG for compliance consulting; and TÜV SÜD ASEAN for assessments