As part of our commitment to the participatory governance of the Account Aggregator (AA) network, we are delighted to announce the formation of a committee dedicated to assessing the need for end-use governance of data, analyzing incumbent processes, and recommending mechanisms that enable auditability of data usage. This committee will be crucial in addressing the fair use challenge that the AA Network faces.
The committee’s primary goal is to establish an ecosystem approach to ensure fair data usage, focusing on comprehensive solutions to promote trust within the network. Their objectives include examining current methods for validating data use compliance, preventing data transfer to third parties without explicit customer consent, and considering transparency dashboards for FIU consent and “Fair-use-of-AA.”
The committee also aims to assess the feasibility of recommendations by the working groups on consent templates and evaluate the effectiveness of the draft data governance audit framework. This committee will play a crucial role in enhancing data governance within the AA Network, with recommendations to foster transparency, trust, and ethical utilization of financial data.
The committee constituted for this endeavor is –
|6||State Bank of India (SBI)||Nitin Chugh|
|7||Axis Bank||Sameer Shetty|
|8||HDFC Bank||Ashish Abraham|
|9||ICICI Bank||Pallav Kapoor|
|10||Association of Registered Investment Advisers (ARIA)||Harsh Roongta|
|12||Fold Money||Arpit Agarwal|
|13||Angel One||Ambesh Singh|
|14||Bajaj Finserv||Anup Saha|
Check this link for the complete Terms of Reference (ToR) for the committee on Audit Framework for Data Governance.
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