The Kingdom of Saudi Arabia is moving towards a new era to enhance and protect data to foster economic diversification as the government looks to play a larger role in the global economy.
From this standpoint, the National Data Management Office (NDMO), the national regulator of data in the Kingdom, has developed a framework for national data governance to set the policies and regulations required for data classification, data sharing, data privacy, Freedom of Information, open data and more in anticipation of necessary legislation. The framework will take into consideration the relationships and interdependence across the data lifecycle.
With reference to the Council of Ministers, NDMO is mandated to develop the policies, governance mechanisms, standards, and protections related to data and artificial intelligence. The seven standards are defined for 15 domains as per the Data Management and Personal Data Protection Framework and are intended to be adopted by all public entities within the Kingdom.
Compliance and Enforcement
The compliance assessment goal is to measure government entities‘’ implementation of the National Data Management and Personal Data Protection Standards based on a defined compliance assessment methodology. Entities will conduct a compliance audit annually and submit the report to the regulator.
NDMO will review and consolidate all entity reports and publish the annual compliance results to related stakeholders at the entity, sector, and the whole government level.
Incorta at neoleap
Neoleap, a global financial digital solutions company licensed by Saudi Central Bank, was searching for a solution that offered a 360° view to link all data sources and empower their internal teams (Fraud, SAMA “Saudi Central Bank”, Compliance, Operation, Marketing, Finance, IT, and Consumer) with multiple dashboards to help with better informed and timely decision making.
The neoleap team faced challenges getting data from the preparation stage to visualization using one solution. They couldn’t automate the transfer of customer information and transactions and couldn’t access some data sources and dashboards.
Additionally, internal teams had data access and visibility challenges that were use-case specific. The operation team required easier information accessibility, while SAMA teams needed automated reports to get all necessary data daily, monthly, and quarterly. Marketing teams designed multiple use cases to increase customer engagement and developed monitoring mechanisms to measure the impact. Fraud teams must apply specific business roles to capture fraudulent behavior in the system. Consumers teams needed a 360° view of the product (Wallets) to better track and enhance its performance, including international remittances and competitor analysis. IT teams needed better data visualization and easier access to the information needed from the audit database. Lastly, compliance teams required daily insights and gathering all necessary data in only one dashboard.
Incorta integrates with leading vendors such as Informatica to enable customers with a complete end-to-end solution for compliance with NDMO. These integrations are essential to create a data catalog that maps or identifies the source of every column. The integration uses Incorta as a data source to acquire and deliver data to a central data management platform, apply cleansing rules, and then take it back to Incorta for analysis.
By doing this, Incorta brought several valuable benefits to the business. It enabled the teams to get the needed information from different sources to one destination while being able to track customer transactions and behavior. Which helped neoleap in enhancing its customer engagement.
As a result of using Incorta which would not have been possible before, neoleap’s team can now manage the company’s performance accurately through real-time control of their KPIs. They can easily recognize their customer’s persona, identify their spending patterns and frequency, and finally control the company’s expenses, costs, and revenue.
About SDAIA: The Saudi Data & AI Authority (SDAIA) is the competent authority in the Kingdom concerned with data and AI including big data. SDAIA is also the national reference in all matters related to the organization, development, and handling of data and AI; in addition, it has the original competence in all matters related to operation, research, and innovation in the field of data and AI.
About neoleap: neoleap is a global financial digital solutions company licensed by Saudi Central Bank. The company includes under its umbrella a range of payment services and the establishment of a unique financial technology experience for individuals and organizations, such as digital wallets, point of sale, e-commerce, and payment gateway. neoleap aims to be the leader in shaping the future of the payments landscape in Saudi Arabia & beyond. Also, neoleap aims to empower individuals & businesses by providing a full suite of innovative, secure & seamless payment solutions through technological leadership and operational excellence while driving the Kingdom’s 2030 vision of a digital economy.
About Incorta: Incorta’s open data delivery platform simplifies access to data from multiple, complex enterprise systems to unlock the full value of organizational data, making it readily available for analysis. Backed by GV, Kleiner Perkins, M12, Prysm Capital, Telstra Ventures, and Sorenson Capital, Incorta empowers the most forward-thinking companies to tackle their toughest data challenges, from innovators in the midmarket to Fortune 1000 category leaders such as Broadcom, Comcast, and Shutterfly.