In the macro sense, one of the bits of information that we own, manage, and hopefully control is who we are. How does the government control and manage this?
“Banks Find Solutions for ID Fraud at DMV,” The Wall Street Journal, November 13, 2018 B10. Banks may use DMV databases to verify your online identity, because how you have to establish your identity to get a driver’s license normally involves you appearing in person and providing supporting documents.
Key to the process at the DMV is the trained person who checks your supporting documents. The banks want to leverage that person’s knowledge and experience, rather than relying on a bank manager to do it.
Where else in our lives do we rely on government employees rather than ourselves as a critical control?
Filed under Access, Accuracy, Controls, Data quality, Definition, Duty of Care, Governance, Information, Internal controls, Knowledge Management, Operations, Oversight, Privacy, Protect assets, Third parties, Use
“When ‘Free Trading’ Isn’t Really Free,” The Wall Street Journal, November 10, 2018 B5. You can avoid commissions when trading stock by using an app. But if the price you pay or get paid for the stock is more or less, is the trade really free? It depends on how much price improvement is involved.
Interesting study of how the benefits and cost savings on high frequency trading are divided among the various parties. And who knows what.
Isn’t this type of “information imbalance” inherent in every transaction? Do we know how much a tomato or an iPad costs the store that sells it? Or whether the salesperson gets a commission? How do we manage that imbalance? Or do we just accept it, whatever it means?
How do you make sure that your policies are keeping pace with law and society?
“Google Changes Harassment Rule,” The Wall Street Journal, November 9, 2018 B4. Following an employee walkout over how the company handles/handled sexual harassment claims, Google will no longer require that such claims be subject to arbitration.
This ties to Governance (what rules do you have in place, and when do you update those), Compliance (how do you handle claims of policy violations), and Information (a claim is one type of information).
“Alternative Data Is Valued on Wall Street,”The Wall Street Journal, November 2, 2018 B1. Companies mine different types of available information to help traders.
Is information is worth so much, won’t someone start a business to provide it? Apparently. What should you be monitoring to understand how your customers make their purchasing decisions, or what your competitors are doing?
Drones looking at parking lots and where are the iPhones coming from and going to and how many construction permits were issued? What’s your metric? How do you measure it?
“Market Cheats Get Caught More Often,” The Wall Street Journal, November 1, 2018 B10. Traders manipulating prices by spoofing real futures trades are getting caught and prosecuted for criminal violations. Exchanges cooperating with enforcement authorities.
If accurate information is worth X, what is inaccurate information worth? It depends, whether you are buying or selling based on it.
So, this is both Information (information includes both accurate and inaccurate information) and Governance (manipulating market trades with false information is a crime that the CFTC and DOJ prosecute).
Filed under Accuracy, Compliance, Compliance (General), Controls, Corporation, Data quality, Definition, Duty, Duty of Care, Employees, Governance, Information, Oversight
What happens when you have to disclose your secret sauce?
“13 Secret Steps for Harvard Admission — They May Not Help,” The Wall Street Journal, October 29, 2018 A1. Analysis of admissions data shows what affects (helps, hurts) your chances of admission.
If you were Harvard, would you want to keep this secret, to prevent people from gaming the system? If you were an applicant, wouldn’t you want to know?
Certainly, this is Information, but to what is it relevant? Can you use it effectively, or is it just interesting? What’s it worth to you?
From a Governance perspective, did Harvard have sufficient controls in place to prevent both the violation of law and the appearance thereof? We’ll see.
This blog explores, from time to time, the outer reaches of the intersection(s) of Information, Governance, and Compliance.
Consider, for a moment, a fingerprint. Not what you normally consider “information.” And one seldom thinks of “managing” a fingerprint. Who owns your fingerprint? But consider the value of a fingerprint, and both the failure to “manage” or control where that fingerprint can be found and the ability to find that fingerprint and locate its owner. How much information governance is involved in this process?
“Fingerprint Leads to Arrest Of Bomb Suspect in Florida,” The Wall Street Journal, October 27, 2018 A1. Alleged mail bomber’s fingerprint in a package sent to a legislator leads to arrest of suspect.
Which leads me to the question,”What is there that isn’t information that is managed or controlled in our lives, or a least directly related to information that is managed?” I struggle to find an example of something that isn’t information, or directly related (perhaps somewhat remotely) to information that is managed or controlled.
Filed under Access, Accuracy, Analytics, Collect, Compliance, Controls, Data quality, Definition, Duty of Care, Governance, Information, Management, Oversight, Ownership, Records Management, Risk assessment, Use, Value