Data and Risk: What should your company know?
We’ve all read the provocative headlines: data is the new gold, the new currency of the 21st century. There is truth to this, but as a risk management professional, you already understand the value of data. After all, gathering key information is how you can do your job. The problem isn’t data – it’s getting the right data and getting as close as possible to a single version of the truth.
Easier said than done. Risk managers have the unenviable task of correlating data from across different business silos, measured and presented in different ways. Eventually, it turns into a spreadsheet jungle, where your own interpretations are all that you can rely on to trust what you present as the business’ risk and response choices.
So to say data is a big deal is not news. What would be impressive is if you could solve all those barriers standing between you and a clear risk picture.
The reason why data is so highly regarded today is due to two factors: environments generate a lot more data and modern software platforms are very adept at collating and correlating that data.
The key word is integration. Today’s leading risk management applications, in our case Riskonnect, are designed to gather data from disparate sources – even if they offer the data in very unilateral ways that don’t align with other departments. For example, one department might favour a four-point scale, the other a five-point scale. Normally you’d have to level those out, but with platforms such as Riskonnect, that isn’t necessary.
By deploying different representations, the innovative use of questionnaires and a myriad of import tools, it is entirely possible to unify different data source into a single truth – often in an automated fashion. Risk managers consequently have more time to focus on creative tasks, applying their minds instead of their endurance. Best of all, such systems are very affordable and can start small, connecting with existing business systems such as the ERP.
There is vast potential inside modern GRC platforms such as Riskonnect. At thryve, it is our mission to bring these powerful tools to work for you.
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