Bankers tipped on data management
By Our reporter
KAMPALA – Financial institution managers have been advised to develop data management fame work policies to mitigate risk against losses to boost businesses. According to Mrs Solomy Nassejje Luyombo, General Manager of Human Resources, Centenary Bank, data management is now considered as an ‘oil’ to fuel company growth.
“We collect a lot of information from our customers when opening bank accounts among other entities like government agencies do when registering for national identification, birth and death certificates among others. The data we collect are important, they should be used responsibly, they must be abused, and they guide company management and the nation in decision-making that leads to business growth and national development. If abused it can lead to losses,” she said.
In the first online data governance forum organized by the Uganda Institute of Banking and Finance (UIBFS) held at the institute on Buganda Road, Tuesday, October 17, 2024, that attracted bankers from several bankers, Nassejje urged managers to train their employees to handle data management with caution.
“Employees that efficiently adapt to data management for the growth of business should be rewarded but any mistake by an employee that can lead to gross loss should be punished,” she said.
Nassajje said data management helps in decision-making and is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options.
“Management decision-making process is based on assumptions of values, preferences and beliefs of the decision-maker backed with data collected,” she said.
Nassajje also cautioned the public on the information they give out.
“If you give out your National Identification Number (NIN), and information about you and your family like for insurance among others, you need to ask why you are giving it out.
Mr Osbert Osamai, an information, and computer technology expert also cautioned the public on apps they download.
“Some of these apps have conditions that have access to your personal information but just you are excited when you are accessing them you do not read the terms and conditions
He said in the 2022 / 2023 police crime report, over 300 cybercrimes were reported in the banking sector which is a concern.
Mr Elly Beingana, ICT Manager, Stanbic Manager said most companies consider finance at the expense of data collection which is the engine of finance.
Several employees of finance institutions participated in the online forum and called the government for conducive working conditions in the finance sector.
