Data will drive the future of risk management

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Man and woman viewing pie chartFinancial institutions today have access to exponentially more data than at any time in history. By learning to better manage and synthesize that data, they can make their current risk management activities more effective and more efficient, while they can also transform their risk function and enable it to drive real value for their organizations. That transformation starts by better managing the data banks already have. Respondents to our survey, conducted with MIT's Golub Center for Finance and Policy, recognize their shortcomings when it comes to data management.

  • A majority describe their data management frameworks as only "moderately comprehensive."
  • Respondents of all sizes share concerns regarding risk management information systems
  • More than 80 percent believe that many or very many efficiencies could be realized through improved data and risk information systems and through more effective risk analytics and measurements

Through tools like dynamic databases, cognitive analytics and other approaches, the risk management function of the future can empower better informed and timelier decision making across an organization. Banks can develop risk in real time (RIRT) capabilities that will enable them to apply risk analytics in parallel with revenue-generating activities. By embedding algorithms and exploring options like interconnected models, banks can even automate key analyses and drive vital strategic information directly to key players throughout and organization in real time.

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Risk management transformation through data analytics

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