12 Days of Christmas - Day 1: Knowledge

Data Balance Sheet

While many organisations can't decide if data is an asset, the new oil, ore or gold, OP Financial in Finland has produced a Data Balance Sheet each year since 2018. IAPA was pleased to host the OP Financial SVP, Chief Data Officer, Sameli Mäenpää at the recent IAPA National Conference. Sameli discussed how the Data Balance Sheet originated and how OP Financial, the largest financial group in Finland, use the Data Balance Sheet as a touchstone for analytics, privacy and data use.

As they say:

"OP Financial Group taps into one of Finland’s largest sources of data capital in order to better understand and serve its customers. The annual Data Balance Sheet reflects OP Financial Group’s desire to be a responsible leader in data processing, and to engage in open and transparent discussion of its data management and usage policies.

Openness about our use of data and value creation is an important part of our corporate responsibility, and a way of meeting the growing expectations of customers and stakeholders. This is also about clarity: because data and its use can seem remote and abstract concepts, our Data Balance Sheet communicates on the issue in everyday terms.

At OP Financial Group, we use data to develop banking and insurance services, to achieve greater understanding of the customer’s needs, and to secure the future of the Finnish financial system. The Data Balance Sheet describes how we use data to realise the Group’s strategy from the business, customer benefit and risk management perspectives. For customers and other stakeholders, the report provides information on the key principles and practices governing responsible and safe data processing."