Don't let big data mean big risk
The recent economic crisis has entirely changed the role of risk management within financial companies. Initially considered as a tactical function to ensure regulatory compliance and minimize losses, risk management has moved to the core of the business and is critical to its very existence. However, attempts to embed risk across more areas of the business have left many companies with multiple risk silos. Moving forward, there is a broad consensus among risk professionals that the silos have to be integrated in order to take full advantage of the risk function and use it, as initially envisioned, as a strategic tool to derive business value.
It is against this backdrop that on April 9 in New York City IBM launched Smarter Risk, IBM's approach is to help our customers build trust across organizational silos: trust in the organization's ability to govern its data, to understand exposures before they become disruptive and to equip decision makers to act with confidence and make risk-aware decisions. We believe by focusing on these core imperatives, firms can begin to strive towards driving business value and competitive advantage through risk.
In this #BigDataMgmt chat our co-hosts Dr. Leslie Ament (@Hypatia_LeslieA), senior VP, research and principal analyst at Hypatia Research Group, and Wayne Wilczynski (@WayneWilczynski), VP and global risk practice leader, IBM Global Business Services, will facilitate a chat on this important topic.
You can join the discussion using the hashtag #BigDataMgmt. We certainly encourage you to contribute your perspective throughout the chat too! Here are the questions we'll be discussing on Wednesday, May 21 at 12:00 noon ET.
#BigDataMgmt chat questions
- How can enterprise risk management play a role in adding strategic value while addressing regulatory compliance? Are we seeing this happen?
- What are some of the barriers to moving beyond compliance and measurement to empowering the organization to make risk aware decisions and drive strategic business value?
- Are risk managers today bridging across risk silos? Where do you see the greatest need to bridge across silos?
- What has been the impact of big data on risk management? What opportunities does this shift create?
- What is the impact of a lack of trust in risk data and management processes? How does that change how decisions are made?
- What is the value in building trust in risk data for decision makers?
- What is the Smarter Risk approach?
- How does it relate to the changes we are seeing in the marketplace?
- How does a Smarter Risk approach help an organization?
- Where should organizations start?
- Smarter Risk Hub
- IBM Smarter Risk
- Article: Enterprise risk governance: The key to the risk-enabled enterprise
- Report: Risk governance, big data and cultural alignment
Dr. Leslie Ament (@Hypatia_LeslieA), senior VP and principal analyst at Hypatia Research Group, is a customer intelligence management thought leader and industry analyst who focuses on the business value of technology in regards to how organizations capture, manage, analyze and apply actionable customer insight to improve customer management techniques, reduce operating expenses and accelerate corporate growth. Her research and advisory services cover: customer analytics and interaction, advanced analytics, business intelligence and big data analytics, social media intelligence, text analytics, CRM, digital marketing automation, customer data management, data quality and governance and risk and compliance.
She frequently shares expertise in many different forums, formats and locations, such as: CRM Evolution, IBM Information on Demand, SAP Sapphire, the American Marketing Association, SandHill.com, destinationCRM and Customer Analytics & Insights Channel on the B-Eye-Network, where she is the host. Recent keynotes presented to the Marketing and Technology Summit hosted by Direct Marketing News and to Product Camp, hosted by the Product Management Association have included "How CRM, Big Data, and Multichannel Customer Engagement Enhances Profitability" and "Marketing, Big Data, and the Customer Experience".
Wayne Wilczynsk (@WayneWilczynski), is the global leader for integrated risk management solutions for Financial Services. He has 30 years experience in business and information systems. While working with clients to understand the broad range of IBM solutions across financial risk, financial crimes, operational risk & GRC and IT risk & security, he has always focused on the creation of business value for the individual lines of business. He also works with IBM client teams to create a strategy to add value to our clients across the IBM risk solutions portfolio. Wayne is a frequent speaker at industry events and a recognized leader in the risk space for financial institutions. He also co-leads the Integrated Risk Management Leadership exchange across IBM for Financial Services.
What is #BigDataMgmt chat?
#BigDataMgmt chat is a weekly conversation every Wednesday at 12:00 p.m. EST, on Twitter. Each week we discuss a different topic around big data management.
How do you join in?
If you use a Twitter client like Tweetdeck or HootSuite, create a search column for the term ‘#BigDataMgmt’. Then as participants tweet with the #BigDataMgmt hashtag, those tweets will appear in your column. Or you can follow with Tweetchat – http://tweetchat.com/room/bigdatamgmt – and it automatically adds the #BigDataMgmt hashtag.
How do you participate?
Just jump right in! Review the discussion questions posted in advance so you can prepare your thoughts and answers. When the question is posed, begin your response with A1: for question 1 and A2: for question 2, etc. This makes it easier to follow the conversation throughout the chat. No answer is wrong! We look forward to seeing you at the #BigDataMgmt water cooler hosted by @IBMbigdata.