“It was energizing to bring everyone together for a night of vibrant discussion around trends and opportunities in the data privacy space and US State regulation.” – SEI Managing Director, Tim Gagnon
Following the panel discussions, SEI Principal and KnowledgeNet panelist, Matt Conner, shared four key takeaways that highlight critical strategies for managing data privacy effectively:
- Data governance – it’s just good business! Siloed and unclassified data with lack of a well-run governance framework greatly lower consumer confidence and increase risk of data privacy non-compliance. Organizations should have solid data governance and data management practices anyway because they have impacts well beyond data privacy.
- Don’t wait! There are key elements that regulators and industry still need to define such as the term, “strictly necessary” in the recently signed Maryland Online Data Privacy Act. But don’t wait! Establish a foundation of good data practices now (see #1).
- Streamline AI with Privacy-by-Design. Organizations find the implementation and application of AI challenging enough without the legal implications of data privacy. Integrating Privacy-by-Design (PbD) principles and sound internal controls into existing processes like procurement and software development can streamline AI implementation while reducing compliance risk.
- Show your work. Legally compliant policies informed by sound business practices are critical, but when regulators come knocking, you need proof. Data maps and PIAs provide a clear picture of data handling practices, demonstrating compliance and building trust with the market.
As the evening unfolded, the significance of proactive data governance and management became increasingly clear. With over 60 professionals in attendance, the May IAPP KnowledgeNet event not only highlighted these essentials but also underscored the necessity of establishing strong internal controls and practices in anticipation of future regulatory developments.
These discussions facilitated vibrant debates and meaningful networking opportunities, leaving participants energized and better equipped to navigate the complexities of data privacy. As the regulatory landscape continues to evolve, IAPP KnowledgeNet remains an invaluable resource for organizations striving to maintain compliance and enhance their enterprise resilience.
SEI is honored to be part of such enriching events as the IAPP KnowledgeNet, and proud to contribute to the broader conversation on data privacy. Events like these provide valuable forums for collaboration and shared learning, fostering a community of experts who are dedicated to advancing industry standards and practices.
If you’re curious to hear more about topics like these, we’re always striving to engage in discussions that shape our industry and encourage you to join the conversation!
