Managing and monitoring credit, market, liquidity, and operational risk across financial markets was hard enough with ongoing geopolitical tensions, international trade wars, and of course the occasional hurricanes and earthquakes. The current pandemic is forcing chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. Innovations in cloud computing, machine learning (ML)-enabled predictive modeling solutions, and artificial intelligence (AI)-led business process automation solutions will help reshape how firms manage risk in the new world.
At the same time, these innovations and an abundance of data will provide opportunities to understand and grasp new business opportunities as they emerge. For example:
But success will depend on chief data officers and chief information officers making the right investments to operationalize data governance and data management to ensure delivery of fit-for-use data and insights at an enterprise level. Operationalization focuses on four key areas:
What does it take to achieve this? What pitfalls should you avoid? To learn more about this topic, read our eBook on “Operationalizing Data Governance for Enterprise Risk Management in Financial Services.”