How has the risk appetite of your stakeholders impacted your data and analytics strategy? When and how do you account for risk tolerance limits in your strategy?
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Chief Technology Officer in Software3 months ago
From my experience, regular and, ideally, face-to-face meetings with stakeholders are crucial. These meetings, along with comprehensive documentation, help in building confidence and ensuring stakeholders are well-informed. Documentation serves as a tangible reference that stakeholders can review and share with their management, facilitating a thorough approval process. This approach helps bridge different understandings and risk appetites among stakeholders.Head of Data & Analytics3 months ago
We utilize a risk register, a centralized document that identifies each risk, the responsible parties, and the mitigation actions. This document is continuously updated and serves as a transparent tool for managing risks. It's essential to recognize that not all risks can be identified at the start of a project. Therefore, maintaining an ongoing dialogue about risks—differentiating between what's perceived and what's real—is vital for the dynamic management of risks throughout the lifecycle of a project or initiative.By integrating these strategies, we ensure that our data and analytics frameworks align with the varying risk appetites of our stakeholders, thereby enhancing decision-making and project outcomes.
Addressing risk tolerance involves a clear presentation of both perceived and actual risks. Initially, discussions often revolve around perceived risks without substantial data to back them up. Over time, through painful experiences, I've learned the importance of integrating real data into these discussions. This shift helps in moving from a perception-based understanding to a more factual, data-driven perspective.