Robin Sooklal
About Robin Sooklal
Robin Sooklal, Vice President of Privacy and Data Governance
Robin Sooklal serves as the Vice President of Privacy and Data Governance, where he focuses on the intersection of data privacy, compliance, and innovative technologies. His role involves overseeing strategies that ensure data is managed in compliance with privacy regulations while also supporting business objectives. As an advocate for privacy-by-design principles, Sooklal's work is pivotal in promoting secure and responsible data practices within the financial sector.
Robin Sooklal at the 2024 Payments Canada Summit
Robin Sooklal participated as a panelist at the 2024 Payments Canada Summit, where he engaged in discussions on the critical balance between compliance and regulation in driving innovation through data privacy. His insights highlighted the importance of integrating privacy considerations from the initial stages of developing new banking solutions. This approach, known as privacy-by-design, is essential for ensuring that solutions comply with data protection requirements while enabling secure and efficient services.
Importance of Privacy-by-Design in Open Banking
During the 2024 Payments Canada Summit, Robin Sooklal emphasized the significance of privacy-by-design principles in the context of Open Banking. He argued that incorporating these principles in the early stages of solution development is crucial for safeguarding consumer data and enhancing trust. This approach ensures that privacy is an integral and continuous part of the technological development lifecycle, rather than an afterthought.
Challenges of Open Banking Compliance for Financial Institutions
Robin Sooklal discussed the various challenges that financial institutions encounter as they prepare for Open Banking compliance. He noted that while Open Banking presents opportunities for innovation and competition, it also requires rigorous adherence to data privacy and security standards. Financial institutions must navigate complex regulatory requirements and implement robust systems to securely manage and share customer data.
Proactive Preparation for Open Banking in Canada
At the Payments Canada Summit, Robin Sooklal advocated for proactive preparation by Canadian banks regarding Open Banking. Even in the absence of a comprehensive regulatory framework, Sooklal stressed the importance of readiness to ensure seamless adoption when such regulations are eventually established. This proactive stance can help institutions mitigate risks, enhance customer trust, and stay ahead in the evolving financial landscape.