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Risk management: understanding the data management challenge

November 2009 | 6 pages | ID: R5F30B187FAEN
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September’s high-profile G20 summit once again put risk management, as well as its sister disciplines, governance and compliance, at the forefront of the corporate agenda. In the aftermath of the financial crisis, it is clear that companies across all sectors need to rethink their approaches to risk management, as many feel that the oversight and lack of discipline had a role in triggering the financial meltdown. One of the biggest challenges that face organisations moving towards a better risk management framework involves understanding how to manage and exploit their data assets so they can govern, comply and manage risk in an appropriate, consistent and cost-efficient way. Investment in sound data management practices and technology, such as data quality and data governance, will be vital to the efforts.
MANAGING RISK IS KEY TO BUSINESS SUCCESS
FAILURE OF APPLICATION, NOT DISCIPLINE
IMPROVING RISK MANAGEMENT PRACTICES BEYOND THE FINANCIAL SECTOR
THE DATA MANAGEMENT CHALLENGE
BREAKING DOWN THE SILOS REMAINS THE BIGGEST OBSTACLE
AN INTEGRATED DATA MANAGEMENT APPROACH IS ESSENTIAL FOR ERM
STEPS TOWARDS AN ENTERPRISE-WIDE ‘RISK’ VIEW
MAXIMISING THE VALUE OF DATA THROUGH DATA GOVERNANCE
MANAGING DATA QUALITY IS ESSENTIAL BEST PRACTICE; IGNORING IT IS NOT
TECHNOLOGIES SUCH AS ETL, DATA QUALITY AND MDM ARE VITAL TO EFFORTS


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