A recent Deloitte poll found that 37.4 percent of executives report that their companies do not take a consistent, enterprise-wide approach to mining, reporting, and analyzing risk data.
During a Sept. 30, 2010 Deloitte webcast, more than 900 business professionals from the financial services; technology, media and telecommunications; consumer and industrial products; and other industries responded to polling questions on the topic of risk data management programs.
“Many organizations have partial risk data management programs that can leave enterprises exposed,” said Bob Walley, a principal with Deloitte’s Regulatory & Capital Markets consulting practice. “The challenge is to build and maintain an enterprise-wide risk data management program that enables executives and boards to make strategic decisions based on robust, risk-based business analytics.”
The biggest challenges that respondents reported for their risk data management programs' success included too many data sources (33.2 percent) and too few resources (28.6 percent).
Beyond leadership support, Deloitte suggests other keys to success for risk data management and analytics programs, including:
• Keeping the program business-driven. Because organizing and analyzing enterprise-wide data can be complex, identify a clear goal to benefit the business at the outset of the project.
• Breaking the enterprise-wide program down into a series of smaller, shorter-term projects helps teams focus and allows for more frequent progress reporting to board members and executives.
• Build processes and procedures into major business initiatives
• Stay the course. The more that people and budgets are committed to the end goal, the better successes will result.
