Companies Inconsistent in Analysis, Mining of Risk Data: Deloitte
A new survey from Deloitte showed many organizations are not taking a consistent, company-wide approach to mining, reporting and analyzing risk data.
The survey, which fielded responses from 900 professionals, focused on the challenges facing data-management and analytics programs used by businesses to make strategic decisions based on risk. More than a third (37.4 percent) of respondents reported their companies are not taking a consistent, company-wide approach to such programs. While nearly one-third (32.7 percent) of boards and executives use detailed analysis from data collected across the company for important risk-management decisions, 11 percent of executives surveyed said their companies' data-governance programs were "non-existent."
"[Data governance programs] centrally assess, track, and govern data quality, data-management policies and procedures, usage and ownership, and the 'golden sources' of data and how it is managed," explained Bob Walley, who is with Deloitte's regulatory and capital markets consulting practice. "Many organizations simply have not matured to the level where they can effectively think through a quality governance program."
The biggest challenges to risk-data-management programs included too many data sources (33.2 percent) and too few resources (28.6 percent).