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).
For more, read the eWeek article: Survey: Many Companies Lack Consistent Approach to Risk Data Mining, Analysis.