Does data risk need to be managed actively through a data risk function?

You must hear this often if you manage any kind of risk – risk and value go together. And that’s true, of course for data! Both data and its infrastructure must be managed for their benefits and risks. In sectors like Banking, regulations drive enterprises to assess data related risks. Prioritizing and managing data associated with financial or operational risk has been the corner-stone of most regulations like BCBS, CCAR, GDPR to name a few. Nevertheless, data risks can extend beyond regulations to improve existing control environments in companies. By doing so, we will maximize the potential of data capabilities to reach 100%.Through structural alignment within the board and formalizing a data-risk function, the book focuses on managing data risks.

Today, regulatory drivers such as Fundamental Review of the Trading Book (FRTB) and (GDPR) require the integration of data management, risk management, and data governance principles, which further raises several questions. The book provides a perspective to solve these by examples.

1. Is risk management an integral component of your data management function? 
2. Or does your risk governance take into account data management principles? How do these work in tandem?
3. Have you considered addressing gaps and overlaps between risk and data capabilities?
4. Have you accounted for risks that are considered a priority to your organization and have you cascaded these risks to data operations?
5. Does your data tiering framework take into account risk parameters apart from value parameters?