VIDEO | MassMutual Enterprise Data Governance and Privacy Lead: Risk Management Is the Responsibility of All Employees

(US and Canada) Gary Schneider, MassMutual Enterprise Data Governance and Privacy Lead, speaks with Della Shea, Country CDO Ambassador for Canada, and CDO Magazine Global Editorial Board Member, in a video interview about evolving data governance, data-driven business objectives, key organizational challenges, and effective risk management.

At the onset, Schneider speaks about the evolving role of data governance and says that it began as a way to formalize a broader, more disciplined approach to data quality, management, and monitoring. Now, it is an enterprise-disrupting discipline more akin to an information risk management practice.

Delving further, Schneider recalls the Enron Scandal of 2001, the 2008 financial crisis, and more recent developments around privacy and data usage that impacted data governance. As companies grow more efficient and process large data sets for better insights, data governance allows for a deeper understanding of data and stakeholders.

Schneider opines that data governance can vary widely between businesses based on culture, needs, and challenges. He believes, however, that organizations can vastly improve their strategy by proactively utilizing data assets. Schneider affirms that businesses recognize data as an asset and not a cliche anymore.

Emphasizing the organizational data risks, he maintains that the risks are massively due to data loss protection and poor data quality. However, Schneider continues that the potential for harm due to these risks has increased significantly due to more frequent and targeted data breaches, social engineering, and internal actors.

He says that poor data quality can have severe consequences due to big data usage. Schneider asserts that businesses must deploy rigorous risk management and oversight programs to mitigate these risks.

When asked how to manage risk effectively, he recommends organizations have the right mix of targeted personnel, tools, processes, and culture. Schneider shares that successfully managing risk is a complex yet essential function in the ever-changing digital landscape.

To safely handle data exchange, organizations must invest in reliable safeguards to meet standards such as those set by the GDPR, he notes. Further, Schneider concurs that developing a top-down, data-risk-aware, and accountable culture is the key to enacting stringent risk management controls.

According to him, having a governance, risk, and compliance (GRC) tool that connects all aspects of risk management, from identification to policies and controls, is a great way to manage risk. However, Schneider states that sound data governance and risk management require both soft and hard measures and is each employee's responsibility.

In conclusion, he reckons successful risk management requires the right people, tools, processes, and culture. Schneider adds that the complexity of digital risk management requires a concerted effort for organizations to stay current and compliant.

CDO Magazine appreciates Gary Schneider for sharing invaluable insights on data governance, risk, and data success with our global community.