In April 2024, the Centre for Information Policy Leadership (“CIPL”) at Hunton Andrews Kurth published a white paper on Leveraging Data Responsibly: Why Boards and the C-Suite Need to Embrace a Holistic Data Strategy (the “White Paper”). It considers C-Suite leaders capitalizing on data as a core business asset as companies seek to make a shift and consider data strategically, holistically, moving beyond traditional risk-and-compliance functions. The White Paper outlines a holistic approach bridging data silos at the structural, operational and leadership levels to advance a single, coherent and organizational strategy that integrates the identification and management of data risks with the consideration and recognition of new data uses, innovations and opportunities.
In the White Paper, CIPL offers a roadmap for building a holistic data strategy, which starts at the “top.” According to CIPL, at the direction of the Board and with the support of executive leadership, formerly siloed corporate units can share institutional knowledge and unlock the hidden value of data for legitimate, innovative and beneficial business purposes, including the responsible development and use of artificial intelligence.