{"id":3541,"date":"2022-07-18T12:00:00","date_gmt":"2022-07-18T16:00:00","guid":{"rendered":"https:\/\/www.jwmichaels.com\/?p=3541"},"modified":"2022-09-12T07:58:43","modified_gmt":"2022-09-12T11:58:43","slug":"captains-of-industry-series-caroline-louveaux-chief-privacy-officer-of-mastercard","status":"publish","type":"post","link":"https:\/\/www.jwmichaels.com\/captains-of-industry-series-caroline-louveaux-chief-privacy-officer-of-mastercard\/","title":{"rendered":"Captains of Industry Series: Caroline Louveaux | Chief Privacy Officer at Mastercard"},"content":{"rendered":"\n

Caroline Louveaux is the Chief Privacy Officer at Mastercard. She leads the company\u2019s work at the forefront of the policy, regulatory and legal compliance on privacy and data protection globally. She is a committed privacy advocate and is passionate about the legal and societal implications of new technologies.<\/p>\n\n\n\n

Introduction:<\/strong><\/p>\n\n\n\n

Q: It was great to meet you at the IAPP\u2019s Global Summit 2022 and congrats on being featured in the Global Data Review\u2019s Women in Data 2022! Tell us about your background. How did you get to be the Chief Privacy Officer at Mastercard?<\/strong><\/p>\n\n\n\n

Just after finishing law school, I spent a year working as a researcher at the Research Centre in Information, Law and Society (Centre de Recherche Information, Droit et Soci\u00e9t\u00e9 \u2013 CRIDS) based in Belgium, my home country. Looking back, I think this was a pivotal moment where I realized I was fascinated by the impact that technology has on society and the role that the law plays in ensuring that technology is used responsibly. I then became an antitrust and competition attorney in a big international law firm, advising clients across various sectors. Fifteen years ago, when the opportunity came to dedicate myself to privacy and data protection, I didn\u2019t hesitate. Today, I lead a team of data and privacy specialists across the globe. We of course handle privacy and data protection issues, but we also advise the business on cybersecurity, data portability and open banking, data localization, digital identity, blockchain, machine learning and artificial intelligence. Some of these topics may have sounded like science fiction a decade ago \u2013 think about movies like Minority Report or Her \u2013 but today it is our reality.  <\/p>\n\n\n\n

Q: Many people think of Mastercard as a credit card company. What is Mastercard? What does MC do?<\/strong><\/p>\n\n\n\n

Mastercard is definitely more than just a credit card company, it\u2019s a global technology company. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.  Every year, consumers count on the Mastercard network to transmit 65 billion transactions seamlessly in the blink of an eye. Just as our cardholders trust that the transaction will go through whenever they tap or dip their card, they trust that their information is safe with us. <\/p>\n\n\n\n

Privacy Management Best Practices<\/strong><\/p>\n\n\n\n

Q: As the pace of change accelerates and countries and US states enact new laws, what is your strategy for keeping up? How do you avoid having to constantly reinvent the wheel?  <\/strong><\/p>\n\n\n\n

While rapid digitization, new regulations and constant innovation keeps us on our toes, our core belief has always been that personal information is just that \u2013 personal. And we take great care to ensure it stays that way. <\/p>\n\n\n\n

To do so, we have instilled a Privacy by Design culture across the company.  Privacy by Design is cutting-edge product innovation centered on the individual. We embed multiple layers of privacy and security safeguards into the design of our innovations to protect people\u2019s data \u2013 including through tokenization, encryption and anonymization. Put simply we only collect the minimum information we need to get the job done and we do everything we can to protect it end-to-end.  In addition, we employ rigorous standards to ensure the safety and security of data with all of our partners and vendors. <\/p>\n\n\n\n

By putting the individual at the center of all we do, and applying the strictest privacy and security standards, we can innovate responsibly in compliance with evolving laws and regulations.<\/p>\n\n\n\n

Q: Another type of change is technological - new type of payments or payment systems, currencies, real time payments, the metaverse. What can you tell us about your approach to managing a privacy department\/function as new technologies emerge. what core management concepts\/strategies will you keep?<\/strong><\/p>\n\n\n\n

New innovations and technologies raise a number of novel \u2014 and familiar \u2014 questions.  Who controls the data in a decentralized world \u2013 whether related to crypto, the metaverse or both? How do we protect people against excessive data collection and abuse of their data and privacy? Who is liable when things go wrong?<\/p>\n\n\n\n

There are several approaches we take to navigate potential pitfalls. These include adopting a Privacy by Design and Security by Design approach, being guided by a strong sense of data responsibility and providing individuals with transparency and granular controls over the use of their data. <\/p>\n\n\n\n

In addition, we participate in discussions that involve a diversity of views and disciplines \u2014 from law, security, technology, psychology, ethicists, economists, regulators and the wider community \u2013 to make sure we\u2019re addressing the various ethical, privacy and security issues that could arise with the emergence of new technologies<\/a>. <\/p>\n\n\n\n

Q: Mastercard is investing heavily in privacy at a time when some of your peers are struggling for resources. What is the \u201cvalue add\u201d for a company to invest in and have a strong privacy organization?<\/strong><\/strong><\/p>\n\n\n\n

For Mastercard, privacy and data responsibility are not a \u201cvalue add\u201d, these are intrinsic to the value we provide to our customers, partners and consumers around the globe.<\/p>\n\n\n\n

If you think about it, data is core to Mastercard\u2019s Corporate Strategy, and our ability to leverage data responsibly is critical to everything we do. We must protect that data not only because we have a legal obligation to do so, but because of the trust it represents. This data is not just Mastercard data; it is the data of our customers, our employees, and the millions of individuals who participate in our network and have entrusted us with their information\u2014whether they\u2019re buying a new book, redeeming a personalized loyalty offer at their favorite restaurant, or tapping their smart phone to pay for their bus fare.  At Mastercard, we are clear that protecting people\u2019s privacy and data is foundational to that trust.<\/p>\n\n\n\n

This is why we also see our business partners investing in privacy resources and capabilities. They realize how privacy-centric solutions become a key competitive differentiator and a trust driver for our products and services. <\/p>\n\n\n\n

Q: The privacy work load has exploded over the last 2 years with no sign slowing. <\/strong>What is your secret for \u201cmanaging up\u201d that you are able to marshal resources such as headcount and budget?  <\/strong><\/p>\n\n\n\n

The world we\u2019re living in today looks very different than it did at the start of the decade, or even 3 years ago. Just look around: hyper-accelerated innovation has led to big changes in our digital ecosystem. Single organizations have millions of digital touch points. On an individual level more data is being collected and shared about us and our families. Think about all the data collected during your online shopping or social media interactions. <\/p>\n\n\n\n

As the digital ecosystem has grown more sophisticated, so too have cybercriminals. Supercharged attacked are becoming more and more common. The global cost of cybercrime is projected to reach $10.5 trillion annually by 2025 and the average cost of a single data breach has skyrocketed to $3.86 million, from which organizations struggle to recover.<\/p>\n\n\n\n

In the face of such threats, no organization is free from risk. When things go wrong, everyone \u2013 individuals, businesses and governments \u2013 stands to lose. This is why we take our commitment to privacy, cybersecurity and data responsibly so seriously. It\u2019s not just the right thing to do, it also makes good business sense.  My role is to help our business manage these evolving threats, including translating increasingly complex privacy and data regulations into business risks and opportunities that enable our Management Committee and Board of Directors to take informed decisions<\/p>\n\n\n\n

We are dealing with some big issues, but the good news is that we are not alone. In fact, we are working together and as individual organizations, to safeguard trust in technology, which is essential to our global digital economy. <\/p>\n\n\n\n

Team Management:<\/strong><\/p>\n\n\n\n

Q:  No one can accomplish all the tasks of \u201cdoing privacy\u201d by themselves. You are based in Brussels, Mastercard is headquartered in New York. The company has offices\/operations globally. No one can be everywhere or work 24\/7\/365. How do you manage across time zones and languages? How has your strategy changes from pre-pandemic days? How has remote\/hybrid work impacted your strategy?<\/strong><\/p>\n\n\n\n

Mastercard is a global company, so working across borders, time zones and languages is not new.  In particular for me as I am based in Brussels with colleagues all around the globe. The pandemic has therefore not required a 360 change to our strategy but have brought with it some useful adjustments. Let\u2019s say it has been more of an evolution than a revolution.  <\/p>\n\n\n\n

As part of Mastercard\u2019s commitment to Decency, our people have access to a generous benefit program and flexible work schedules to support work-life balance. As the mother of 11-year old twin boys, I know first-hand the struggle of achieving a work-life balance, particularly when the pandemic forced us to blend some of our home and office roles. There were interesting moments when I was advising our CEO while helping my kids with remote learning throughout lockdown. As of the head of a large global team, I try to lead by example and encourage my team to be open about what wellness means for them and how we can work together as a team to make it happen, in all its different forms. For instance I took a parental leave during the summer 2021 to take care of my family, which was exactly what I needed at the time.<\/p>\n\n\n\n

I think making individual well-being a priority has become even more critical since the pandemic, as the lines between work and personal life have become increasingly blurred. Finding what works best means different things to different people, but my goal is to make sure that each person on my team finds the right balance, depending on their personal needs and circumstances. This requires reaching out often and keeping an open mind. <\/p>\n\n\n\n

Q: Specifically, you are very successful in driving cross functional cooperation and coordination \u2013 both with peers but also down the ranks. What key strategies you focus on for engaging with colleagues (both on your team and on other teams) around the world that has enabled your success?<\/strong><\/strong><\/p>\n\n\n\n

With a global team, I believe trust is key. It goes both ways: trust people you work with, and make sure you can be trusted. When engaging with colleagues around the world, I also believe in promoting a culture of decency<\/strong>. This means treating others with respect, the way we would like to be treated. A recent Employee Survey at Mastercard returned an impressive result: 95% of our workforce is proud to work at the company and we know that one of the reasons for this is that we are driving a culture with decency at its core. Additionally, one of my strategies is to aim for win-win collaborations<\/strong>. Listening to a variety of perspectives, trying to reconcile different objectives (which may at first appear contradictory) and co-designing out of the box solutions together, this helps ensure \u201cwin-win collaborations\u201d. Sharing successes and celebrating together is also key.<\/p>\n\n\n\n

Q:  Across the industry, there is an incredible wave of new hiring. What are the top 1 or 2 must-haves when you look at a candidate?<\/strong><\/p>\n\n\n\n

We're hiring across the globe. And while there are universal qualities that I look for in candidates, at Mastercard we value diversity. Embracing colleagues who look, act and, importantly, think differently\u2014makes us stronger as teams, as a company and it\u2019s how we guard against our blind spots. So I always look for candidates who bring a diverse perspective and help me understand how their unique life experiences bring value to the broader company. I also value a growth mindset. Having that willingness to learn, to get out of your comfort zone and to adapt to new situations is critical to our individual and collective success. <\/p>\n\n\n\n

Q: To your credit, I\u2019ve heard the team at MC flatteringly referred to as \u2018privacy university\u2019. With a sizable and growing global team, how have you been able to keep engagement through the covid pandemic period? What is your strategy for fostering personal, professional and career growth?<\/strong><\/p>\n\n\n\n

If we\u2019re known as privacy university, it only makes sense that I encourage my team to never stop learning. I only wish we had the university summer breaks!<\/p>\n\n\n\n

As a company, Mastercard provides endless opportunities for employees to continue to grow and refine their skills. From various online courses to mentoring opportunities it\u2019s important that we learn from one another, our experiences, and our failures. This is the only way to continue to better ourselves as individuals and as a team. <\/p>\n\n\n\n

When it comes to our team, let me share two initiatives we are taking to foster personal, professional and career growth:<\/p>\n\n\n\n