Sensitive data under scrutiny
HR manages an array of sensitive data such as employees’ national identification numbers, social security numbers, bank account details, addresses, salary, disciplinary histories, and family details. A data breach could harm the employer brand, undermine trust in the HR function and its data among employees and business leaders, and open the organization to sanctions from regulators.
To meet the demands and opportunities of regulations such as Europe’s Global Data Protection Regulation, HR organizations need an approach that covers the acquisition, management, storage, transmission, usage, retention and deletion of information or data from employees, job candidates, former employees and other stakeholders.
HR can help drive better data security across the business
Not only does the HR function need to sharpen its ability to manage data (and keep it clean), it should also play an enlarged role in building a cyber-secure workforce ready for the digital future. In so doing, it can play a leading role in addressing one of the major challenges an FS business faces as the volume and velocity of data moving through the enterprise grows.
Steps to a data-fit HR organization
Financial services HR functions can no longer take a back seat when it comes to data governance, quality and protection. To maximize the potential value of its data, the HR function must recognize that data is not simply a technology concern, but an amalgamation of people, process and business.
HR leaders should focus on partnering with the CDO and the CIO to improve data governance and protection, but they must also take accountability for the quality and security of their data. They and their teams cannot ignore the ethical, privacy, regulatory and technical dimensions of data protection and quality, and how these impact on the workforce and the business.
Is your HR function ready to tap into the value of your data? To find out more and get started on your data fitness program, register to view the report.