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Howard Mather

Howard Mather

Howard Mather - Oracle Financial Services

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A new perspective on the potential of data

26 May 2016  |  2533 views  |  1

I’m sure most people will agree that data as an asset is not a new idea. However, I can make a strong argument that regulation as an asset is. 

This is quite a simple idea: Data is the new currency. Regulation has encouraged us to record, archive and interpret data so closely that we can now gather enough information to create a valuable asset.

By forcing organizations to refine data in great detail, regulation has turned the underlying asset of risk management into a tool for wider business management. 

Data is now more accessible than ever before. We can now understand and use risk insights such as understanding of financial crime, operational risk and credit risk as business intelligence. 

This change can provide a better view of your business, informing business decisions. It’s an opportunity to take a strategic approach to delivering value. 

Data isn’t static. Because we’re talking about a resource that grows every day, this potential could be endless.  Its potential to deliver a return could create seismic changes in business intelligence. Let’s not let this resource go to waste. 

At a time of cost cutting, investing data into the wider business is a route to growth. The more clear and complete vision management has of what is known and unknown creates better control over all areas of business.  Get your stakeholders on-board to create systems to do this.

TagsPaymentsRisk & regulation

Comments: (1)

Tejasvi Addagada
Tejasvi Addagada - Fortune 500 financial service provider - Bangalore | 01 June, 2016, 20:30

Nice perspective. In most organizations today; data is considered an Enterprise asset. It is no surprise if we see the value of data included in the balance sheets of business. Regulations like BCBS 239, GDPR, EU No 1024/2013, EMIR, MiFID2, as you rightly stated are the primary drivers that created a need to manage risks and value arising from data and its operations. Though, other drivers that are necessitating the needs include strategy changes, business model changes, and advancements in technology.

I don’t see any specific time when cost cutting should be triggered. In my view cost optimization is an ongoing enabler in any organization. The existence of Data Governance and Data Risk management functions either centralized or distributed, based on the organization need, will help in realizing the complete value of data. This will further assist in simplifying the data landscape while rationalizing it, thus reducing operating costs associated with data operations and data related issues. This also enables new business discovery.

My final thought is that Business should own their data, the value it creates and the loss related to its risks. Organizations should enable, empower and enforce data driven culture, responsibilities and accountabilities of data ownership to make your thoughts feasible.

For further reading, you can refer http://dataassociation.net/dablog/call-it-a-success-by-integrating-risk-management-into-your-data-governance

 

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job title Principal Solution Consultant EMEA
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member since 2016
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Principle Consultant EMEA at Oracle Financial Services.

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