Equifax—from breach to bungled outreach to subjects—illuminated the risks of concentrating power in black box systems that determine if and how we participate in economic opportunity. Incumbents in the credit and risk industry run on technologies that, by design, make it as hard as possible for us to detect, much less correct, errors that could lead to our financial and reputational ruin.
LaVonne Reimer explains why the opportunity in the $150B credit and risk industry is to deploy data governance technologies that balance the interests of individuals to control their own data with requirements for trusted data. Drawing on her experience as a lawyer representing parties across commercial credit and an ethics professor and consultant focusing on stakeholder analysis, LaVonne offers an overview of the data supply chain in credit and risk; the structural problems left unaddressed by GDPR and other data privacy regulations—including how to provide confidence in data integrity to subjects and buyers alike; and data governance technologies relative to regulatory- and policy-based governance.
LaVonne then turns to the cocreation process Lumenous followed to capture and continuously balance the interests of diverse stakeholders across the credit ecosystem, including selection and management of contributors from credit, lending, and supply chain procurement and design and proof of concept activities. LaVonne demonstrates the solution, focusing on application of common governance functions such as human-in-the-loop translation to facilitate normalization, social tagging and other techniques to associate attributes and add context to data, and attribute-based access controls to offer fine-grained sharing. She concludes by sharing findings from pilots, covering the differences between what Lumenous believed data subjects want and what they actually have found most useful and indications that the approach not only deepens trust across the data supply chain but inspires a level of activity that generates data trails and collective intelligence of value to all stakeholders.
LaVonne Reimer is the founder of Lumenous. A lawyer-turned-entrepreneur with decades of experience building digital platforms for markets with identity and data privacy sensitivities, LaVonne was previously founder and CEO of Cenquest, a venture-backed startup that provided the technology backbone for graduate schools such as NYU’s Stern School, the London School of Economics, and UT Austin to offer branded degree programs online. More recently, she led a program to foster entrepreneurship in open source together with Open Source Development Labs (Linux), IBM, and Intel. The Open Authorization Protocol, initiated by members of this community, inspired her to begin work on governance and trust assurance for free-flowing data.
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