Contemporary government policy interventions are increasingly defined by data, indicators, and metrics. Furthermore, Data-driven ‘radical incrementalism’ methodologies devised by the now independent the UK’s Government
Behavioural Insights Team (BIT) – which is now independent of the UK government – have been successfully used worldwide.
BIT’s usual process is to create several policy variants, test them, and then selecting the best option. This is a luxury that we can’t afford in a crisis like the COVID-19 pandemic, however.
Yet what we can do is compare the progress and outcomes of different policies adopted y choices by across the world different countries in the hope of learning to quickly learn and, if required, intervening, if required, in order toe early enough to be
able to improve the outcomes.
The following extract from
UK government coronavirus briefing slides is attempting to do just that.
But can you see what’s wrong with this picture on the slide 8? A close analysis reveals that it has a number of major flaws.
For a start, a consistent definition of ‘“COVID death’” across countries and throughout the analysis timeline is needed if we want to make an accurate comparison in terms of death rates. This graph features some countries that have included non-hospital
deaths, as well as others that have not. Moreover, some countries only counted deaths of those individuals who had tested positive for the virus, while others included ‘suspected’ cases as well. The timeline is also skewed as it sometimes counts deaths that
occurred up to two weeks before.
Furthermore, the figures are not adjusted for population size. This, coupled with the absence of any reference points of death rates from previous years, is very misleading.
It’s also worth pointing out that, in its quest for simplicity, the chart only features deaths related to the virus. It ignores other second-order effects such as the impact on life expectancy due to postponed treatments, mental health challenges, and economic
All of this begs the question: is the chart informative at all, given its data and its visualisation issues?
The importance of good data
This case clearly demonstrates the importance of thinking about the that the composition of a dataset, data measurement and comparison processes, underlying assumptions, criteria, and definitions of success before any data analysis begins. It’s a good lesson
for those involved in internal company policy management.
So, the first thing a company policy manager needs to do is choose the right data points, right? Unfortunately, it’s not that easy! First and foremost, a manager you needs to be in a position to be able to choose
what to measure. They need access to a wide range of metrics. Without this, they will just end up measuring what they can, not what they need to. So, the starting point is ensuring that all data generated by the firm is captured accurately.
This is particularly true for companies that operate in the financial services industry. Banks and other financial institutions generate an extraordinary amount of data and it's crucial that they capture all of this data. For these firms, data is an extremely
valuable asset that can help create a competitive advantage. With access to the right data, financial organisations can increase efficiency, reduce costs, and improve customer experiences. It all starts with the data capture process, though. Data-reliant processes
are only as effective as the data that is supplied to them. Having access to the right data is the key to gaining insights and empowering decision makers.
If a bank's policy management processes are manual and rely on multiple disconnected systems and generic tools, you could end up
spending 200 employee hours just to prepare a single management report. Manually combing through stockpiles of documents, spreadsheets, and emails is not scalable and it’s certainly not agile.
When thinking about analytics in your firm, consider your policy management processes. Are they as automated as they could be?
One thing you can be sure of is that change is constant. Regulations, technology, environments, mergers and acquisitions, business relationships… ‘stuff happens.’ In today’s dynamic, interconnected, disrupted business environment you always need to be ready
for change. Modern data-enabled systems and processes are the key to staying competitive. Regulatory technology, which has advanced tremendously over the past few years, is the way forward. It’s time for an upgrade!
We've built a platform that can save time and slash compliance costs by 30%. Analytics provide you with visibility into your ability to adapt to change, trends, relationships, frequencies, and volumes. We can empower you with a high-resolution, big- picture
view of your GRC.