(US & Canada) VIDEO | Data Literacy Drives Change — JPMorgan Chase & Co. Marketing D&A Head

Tiffany Perkins Munn, Managing Director, and Head of Marketing Data and Analytics at JPMorgan Chase and Co., speaks with Jonathan Shiery, Partner at Guidehouse, in a video interview about data literacy and how it initiates change management, various ways to promote data literacy, and balancing compliance and risk for successful change management.

Munn believes data literacy is of utmost importance and should be practiced by everyone in a firm, not only those who work with data. She elucidates that data literacy aids in the successful initiation of change in several ways. It starts with understanding the need for change, wherein data literacy allows people to comprehend, recognize, and address existing issues, as well as identify areas for improvement.

Furthermore, being data literate helps in garnering buy-in and support. Munn notes that when people witness how data-driven approaches enhance business strategies, they embrace the change. She maintains that data literacy empowers people with the confidence and know-how needed to navigate new technologies, processes, and strategies.

Speaking of various ways to promote data literacy, Munn encourages team members to stay abreast of the latest developments by regularly reading industry publications, blogs, research reports, and whitepapers. She mentions curating a list of reputable resources that cover relevant topics and sharing relevant articles and insights to facilitate knowledge-sharing and discussions.

Munn also advises networking with peers and industry experts as it can provide valuable insights into current trends and best practices. She recommends building a culture of internal knowledge-sharing within the team. Munn believes that knowledge-sharing sessions give team members an avenue to present and discuss relevant industry trends and their implications for analytic strategies.

Moving forward, she advocates for the establishment of a culture of inclusion to encourage change management. This includes providing opportunities for open dialogue, actively listening to and responding to feedback, and getting everyone involved in decision-making processes. Munn notes that this creates a sense of ownership that mitigates resistance and fosters a supportive environment.

Additionally, she suggests having personalized one-on-one discussions to understand individual concerns and group discussions to address team-level issues. To create long-term progress, Munn suggests celebrating the small wins and recognizing individuals and teams for their efforts and achievements during the change process.

Further, she highlights the aspects of flexibility and adaptability. Munn notes that organizations must be open to the idea that some things might not work, and recommends instilling a culture that allows them to be flexible enough to move on and adapt to changes.

When asked about balancing compliance and risk management, she states that having compliance, legal, and risk and control partners is vital. Munn stresses that the partner should be there through the process of change and align with goals, strategies, and objectives.

This will enable one to comprehend the regulatory rules that apply in the industry or the particular area in question. Additionally, it is essential to discern the compliance and risk management demands and stay updated on any changes or updates to those regulations to ensure ongoing compliance.

Furthermore, Munn suggests conducting risk assessments to identify any risks associated with advanced technologies and analytics. These assessments help understand the potential impact of risks on data privacy, security, legal compliance, and brand reputation and can guide the risk management efforts.

She affirms that data privacy and security are prioritized during the adoption process, focusing on solid governance practices such as data classification, access controls, encryption, and data anonymization. Moreover, Munn stresses that organizations must also adhere to data protection regulations such as GDPR or CCPA.

In conclusion, she emphasizes that a successful process of change requires close and continuous collaboration with legal compliance, risk and controls, IT, and security teams. Munn encourages establishing clear policies, guidelines, and processes for the broader team to comprehend and follow through on the process of change.

CDO Magazine appreciates Tiffany Perkins Munn for sharing invaluable insights with our global community.