As with any exchange of value between an organization and an outside party, data exchange can present specific risks which must be effectively identified and managed.
- Appropriate governance and management of the personally identifiable information (PII) of individuals.
- Technology and data security systems.
- Governance and protocols around who can access organizational data, what aspects of data they can access, and the permitted use of both the data and its application.
Prior to the foundation of Data Republic, organizations interested in data exchange were faced with extensive and complex one-to-one legal agreements which required a serious investment of time and money before the receiving party could access or review the relevance of the data. They also faced a lack of secure technology to manage governance processes around the exchange of the data which meant they had no means of tracking who, where, and how the data would be accessed and used in the future. The result being organizations either avoided the exchange of data because it was too expensive and potentially risky (no means of security or control) or they proceeded with data exchange initiatives despite the risks associated with not having a secure data exchange technology in place.
Data Republic was founded to provide a world-first technology platform and legal infrastructure to enable organizations to effectively manage these risks:
- Our partnership with Westpac’s Data Bank ensures that no individual’s personal information (PII) is stored or accessible on Data Republic’s platform – the PII is held behind bank-grade security systems and replaced with anonymized Tokens.
- The security of our platform is second-to-none with full encryption of data, network segregation, and continuous hardening principles applied when developing the platform.
- The Senate platform has been developed to be ‘private by design’. Organizations have full governance oversight and control over what data is ingested into the platform, who can discover and request access to this data, and what they’re allowed to see and do with the data. These governance protocols ensure that all Data Contributors are able to effectively maintain control and management of their data.
- All Senate platform users are required to undergo Data Republic Training and Certification prior to them being able to access and use data on the platform. This Certification ensures that all users are accredited in the security, governance, legal, and privacy requirements of the Data Republic Participation Agreement.
- Data Republic also monitors and maintains technical controls over our environment. This ensures that all activity on platform is monitored and its compliance with security, legal, and data governance protocols is actively assessed and managed.
Data Republic’s whole purpose is centered around effectively managing and removing the risks associated with data exchange so that organizations and society as a whole can benefit from the increased liquidity of data and the insight it offers.