To what extent does your data and analytics function help to inform the risk management strategy? How do you collaborate with risk managers or the chief risk officer?
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Sr. Director, GenAI Program Management in Healthcare and Biotech3 months ago
In addition to the early engagement Suzi mentioned, the data analytics team educates risk managers about new data protection techniques, such as anonymization and the use of synthetic data. This knowledge sharing helps risk managers understand and appreciate the advanced capabilities of our team, enabling them to consider these methods when evaluating potential risks. This educational approach ensures that our risk management strategies are not only informed but also innovative, leveraging the latest advancements in data security.Chief Data and Analytics Officer in Banking3 months ago
Echoing Suzi’s and Jason’s points, the relationship between data and analytics teams and risk managers is symbiotic. We rely on each other to succeed in our respective roles. It is crucial for us to understand the needs of the risk managers and how we can support them. As data and analytics leaders, our role involves translating complex data insights into actionable information that can be easily understood by non-technical stakeholders, including risk teams. This translation and storytelling are vital for effective collaboration and ensuring that our initiatives are aligned with the organization’s risk management strategies.Senior Data and Analytics Leader in Government3 months ago
The CRO's role evolves from being a recipient of risk reports/dashboards to a strategic partner in designing the risk management framework. Ideally, we expect them to bring in the domain expertise and regulatory knowledge, while the data and analytics team provides the technical capabilities to operationalize the risk management framework.
Collaboration with risk managers is integral to our approach, and we treat them as allies rather than obstacles. By involving them early in the project lifecycle and throughout the change management process, we build trust and foster a partnership that benefits both sides. This collaboration ensures that our projects are executed in a controlled manner, minimizing risks to the company and individuals involved. Effective messaging and clear communication with all stakeholders, including technical teams and leadership, are also key components of our collaborative strategy.