OP is the first financial sector company in Finland to publish a data balance sheet
OP has today published its first data balance sheet. The publication reflects OP Financial Group’s desire to be a responsible leader in data processing and its willingness to discuss its data management and usage policies openly and transparently. OP’s data balance sheet is the first in the sector and probably the first published by a private company in Finland.
Data is an increasingly integral part of different businesses and the economy. OP’s data balance sheet describes the significance of data, and its responsible processing, utilisation and strategic management at Finland’s largest financial services group.
“Our goal is to explain to our customers and other stakeholders the key principles governing responsible and safe data processing”, says Juho Malmberg, EVP, Development & Technologies at OP Financial Group.
The data balance sheet reveals how OP implements its data strategy and uses data to develop its business, customer experience and risk management. It also presents OP’s new data asset management model for data assets and capital.
“The data asset management model enables balanced and goal-oriented management of data. Data is at the core of the business. Refining data capital into operating models, services and products creates added value and novel services to customers and the business. For example, the digital home loan decision, which is much appreciated by our customers, is based on artificial intelligence”, says Sameli Mäenpää, Chief Data Officer at OP Financial Group.
New AI and machine learning applications increase opportunities for exploiting data in an entirely new way. Last year, OP Financial Group defined ethical principles for using AI. These principles include a people-first approach, transparency and openness, impact assessment, ownership and privacy protection. The data balance sheet also covers the use of Financial Intelligence, namely AI, machine learning and data science, in OP’s operations.
The first data balance sheet also focuses on the new EU General Data Protection Regulation and the set of related measures taken at OP. It seeks to increase transparency in personal data processing and to provide information on the work and investments carried out in relation to data security.
OP’s data balance sheet is available in Finnish as a PDF attachment and at op.fi > OP Financial Group > To the media > Publications > Data balance sheet.
Further information and requests for interviews:
OP Communications, tel. +358 50 5239904
OP Financial Group is Finland's largest financial services group whose mission is to create sustainable prosperity, security and wellbeing for its owner-customers and in its operating region by means of its strong capital base and efficiency. OP Financial Group consists of 156 member cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. The Group has a staff of 12,000 and 1.9 million owner-customers. www.op.fi