Ventiv, a global provider  of risk, insurance and environment, health & safety  (EH&S) software, has introduced a data governance module to help risk managers and insurance organisations comply with data privacy laws and still perform effective data analysis.

With the Data Governance module, organisations can process personally identifiable data from European “data subjects” in Ventiv’s software applications and still adhere to the regulations.

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The following functionalities are introduced as part of the solutions that is integrated into the Ventiv’s RiskConsole software include, record anonymisation, data retention periods, record deletion.

Record Anonymisation

With data governance modules, Ventiv anonymises records by removing all personally identifiable data while preserving other key elements of the record. This preserves only the necessary, anonymous historical information for future reporting and analysis.

Data retention periods

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Organisations that are already using Ventiv’s software solutions can set a defined retention period for the personally identifiable data contained in their records.

Record deletion

The data governance module also offers organisations to permanently delete any record containing personally identifiable information – in which case it is removed completely from Ventiv’s applications.

Scott Wilson, chief information security officer and privacy officer for Ventiv said: “to be truly data driven, effective data governance is a must. Data-driven businesses that aren’t embracing the importance and value of data governance are fundamentally stifling their own performance. Data protection laws are here to stay and they are spreading globally at rapid pace.”