Data governance

Data and digital technologies are transforming business and society. Ensuring our regulatory system keeps pace is a monumental public policy challenge. Professional accountants are critical to building public trust in the information age.

The digital economy is expanding and evolving at such a rapid pace that it is stretching the ability of businesses to adapt and governments to properly regulate. At the same time, digital technologies and the application of big data are leading to new products, services and business models that are creating opportunities for entrepreneurs, improving the delivery of public services and lowering costs to consumers.

Ensuring that Canada has the right regulatory structure to govern data is critical to realizing that the benefits and opportunities are shared fairly by all and that the risks to privacy and security are minimized. At the same time, other countries and international bodies are struggling with the same data governance challenges and alignment would ensure the flow of commerce and to minimize the risks across borders.

Professional accountants have always dealt in data. The standards and methodologies for building trust in financial information can be extended to other forms of data more broadly. Part of CPA Canada’s mandate is to conduct research into emerging issues and develop guidance for CPAs and other stakeholders. Over the years, data-related guidance has been published on topics such as internal audit, cybersecurity audit, risk assessment, information integrity controls and data-driven decision-making.

The workplace is being massively disrupted by technology and entire job categories are becoming redundant. To ensure that Canada’s accounting profession is shaping its own future in an increasingly data-driven world, CPA Canada launched an ambitious research and consultation initiative, Foresight: Reimagining the Profession. This initiative and our guidance on emerging issues help to inform CPA Canada’s public policy work in the area of data governance.

CONSULTATIONS

CPA Canada submission in response to Strengthening Privacy for the Digital Age, January 2020