In the last decade data has served as a guide to learn from the past, make decisions in the present and the drive insights for the future. The Art of possible that ChatGPT demonstrated in 2023 Channeled investments towards improving data capabilities. Peer competition, emergence of challenger organisations, advance analytics has increased customer expectation and exerted increased pressure on data analysis and exploration .
These increased expectations has translated into new way of working with data and has demanded teams to be more data driven. This has resulted in emergence of data risk. No matter the expectation there is always a boundary on what data can deliver and cannot deliver. This boundary is directly related to the original intent of data collection and organisational data policies, risk policies and risk appetite. As all part of the organisation touch data and it has become increasingly challenging to mitigate data risks. Acknowledging this major Banks have elevated data risk to Principle risk. This has allowed data office to have more control on how data is being used and accessed within an organisation and most importantly embed business accountability for data as required by most regulations such as BCBS239, GDRP expect.
In this 30 minutes we will explore
- What is Data Risk?
- How to identify Data Risk and design Data Risk Taxonomy?
- Who are the key stakeholders within an organisation responsible to mitigating data risk?
- How to design risk appetite for Data Risk?
- Explore how key data risk controls should look like?