Report — The Principles and Practices of a Trusted Data Ecosystem

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Executive Summary

The SERI principles and best practices will build on those of Open Banking and Open Energy. Our SERI principles and standards work is founded on the SERI Phase 1 Standard report, Icebreaker One’s Data Infrastructure report and our wider Icebreaker One’s vision of empowering decision makers to mandate, measure and act upon data flows that enable net zero.

The SERI governance framework aims to streamline and reduce the friction for data sharing to enable measurable, transparent and impactful net-zero outcomes. The insurance industry suffers from data challenges and requires a robust, trusted governance framework to achieve it’s collective net-zero goals. 

The proposed solution of a SERI sharing governance framework learns from the proven potential of existing shared data standards development (e.g. Open Banking, and Open Energy currently in beta testing) and aligns with the UK government and the EU’s Digital and Data Strategies. Our recommendations are that, in cases where many-to-many data sharing is required, as is evident in the SERI insurance market use case, a Shared Data Governance approach is the most effective option to deliver the objectives for data interoperability, standardisation and efficiency as described in the Pathway towards SERI: Operational & technical guidance report. The framework would deliver consistent governance rules and legal frameworks for access, data sharing, liability, value chain transparency, redress, structure, technology approaches and support. This short paper describes our foundational work on the principles and best practices recommended for the SERI Governance Framework.