Advancing Data Use for Improving Operational and Business Results
According to the International Organization for Standardization (ISO), risk is “the effect of uncertainty on objectives,” thereby implying that risk management is about quantifying risks and constructing a narrative to communicate findings to decision-makers.
The Forum focused on advanced data use for managing many dimensions of risks and thereby improving operational and business results. We started with elucidating many different dimensions and a framework for gauging risk. Factor Analysis of Information Risk (FAIR) has emerged as the standard Value at Risk (VaR) framework for cybersecurity and operational risk. FAIR is just one example of recent advancement of how companies are using available data to better understand and make more informed decisions that will hopefully positively impact their operational efforts and business results.
Another emerging dimension of risk is associated with customer interactions: Why and how are customer interactions considered a data source for compliance and risk management? What are the challenges and opportunities with managing and garnering compliance insights from this data? What are strategies for organizing customer interactions, surfacing compliance insights and taking actions that improve organizational compliance? We rounded out the Forum with an example how data can be employed to detect financial irregularities.