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It’s time to stop stagnating and address data integrity Business News

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The European Parliament’s resolution on the integrity of online gambling called on Member States to make risk reduction and fraud prevention top priorities. The resolution concluded that online gambling “combines multiple risk factors” that make player protection particularly important, and called for a thorough investigation. I couldn’t agree more. Responsible gambling is an extremely important issue. Only problem: this EU resolution dates from Tuesday, March 10, 2009.

Thirteen years of stagnation lead to frustration. During this time, millions of people have been injured. In the UK alone, it is estimated that over five million people have suffered harm from problem online gambling.

Much of this damage, according to research, can be avoided through technological intervention and regulation that protects players from themselves and prevents fraud. It’s quite amazing how player data can be analyzed to identify problematic behaviors before they escalate, prevent harm, and promote a healthier industry. Governments and gaming organizations have worked together to explore these data-driven regulatory strategies for well over a decade. We hear of countless committees, review boards, regulatory departments, wrist fines, and more investigations than a police department.

Now, I don’t mean to sound cynical, but you’ll notice the frustration in my tone. Because the tools and technologies to solve these challenges are already available. Regulators simply have to agree to their use. And we may hear misinformed worries about the cost of implementing new technologies, but we must not forget that the cost of inaction is measured in human suffering – addiction, depression, economic strife and suicide.

At the heart of this dithering is a data challenge that plagues every industry. For years, we believed that data would save the world. If we could just wait a little longer, collect a little more data, we would have models that enable near-perfect decision making. Unfortunately, unsurprisingly, this did not happen. Every week we find out that another company is investing in the latest AI-powered analytics tool, acquiring a hot new startup with “data” in its name, or announcing the success of its management framework. and data governance. How is it then that most decision makers report that they are likely to disregard data-based insight that conflicts with their own intuitions? We’ve invested billions in data and analytics, but in the end, the boss always follows his intuition. The reason isn’t a lack of data, it’s a lack of data integrity. If we don’t have complete confidence in the data we rely on, it is effectively worthless.

Simply put, data integrity is the reliability and dependability of data throughout its lifecycle. It is a measure of our confidence that the data has not been altered, corrupted, abused or manipulated. Even perfectly valid and verified data is untrustworthy if it is not managed, stored, and shared using systems that prioritize reliability and immutability.

Data integrity issues explain the stagnant regulation of the online gambling industry. For example, regulators want gambling operators to demonstrate compliance with standards on how, when and how much to communicate with players about potential markers of harm. How could an operator do this? A promise would surely not be enough. The operator could keep a log of these communications, but this is open to manipulation. It could use a third party to store evidence of this communication, but this too presents the potential for corruption, abuse or fraud. The answer is to store the attested records of this communication on an immutable ledger. Externally auditable, decentralized, and trustworthy, an immutable ledger can create true data integrity.

The only way to trust data is to use systems that don’t force you to. This is not only true for online gambling. This also rings true across all industries.

Data is a tool for better decision making. However, until we address data integrity in a real, in-depth way, collecting and analyzing data is a waste of time and resources. Unless, of course, the goal itself is that pantomime of progress we see unfolding in headlines and interviews.

Since my review is about rampant inaction, I’d like to be as action-oriented as possible. When it comes to data integrity, I think there are several ways for business leaders to identify the problem in their own organization and take steps to overcome it. First and foremost, accept that data integrity is a fundamental challenge.

Decision makers need to take a critical look at their own organizations. Ask yourself how important data is to your decision-making. How often do you find that the data “coincidentally” matches your instincts (a potential sign of confirmation bias)? How often do you ignore the data you…

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Source: www.independent.co.uk
This notice was published: 2022-04-20 09:52:26

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