A look back at the week in Risk Analytics, Big Data and other buzzworthy items
Risk Management Is Important – Take That to the Bank!
Some banks are still slow to invest in modern risk management technology. Bank Systems & Technology calls that “irresponsible” and says analytics and data management aren’t just for big banks. The article warns “without the practice of risk management at its highest level the industry cannot survive.”
Connecting the Data Dots
Tying data collection to business objectives is a key to success for many. However, an Econsultancy study finds only 20% of businesses surveyed actually have “a company-wide strategy that ties data collection and analysis to business objectives.” Despite that, 86% said web analytics did “drive actionable recommendations.”
Big Data: Not Just for the Big Boys
Big Data is for everyone! That’s the gist in a recent article that explored the benefits big data can bring to SMB’s. The article talks about why some small businesses stray from big data whether it’s due to budget or lack of analytics skill, but says those not using big data “risk handing a massive advantage to their competitors.”
Defining Real Time Risk Data
Just what does “Real Time” mean? A recent webcast explored that question and concluded “implications differ from firm to firm.” One chief risk officer defined real time as “the ability of our systems to react to market events.” Others focused on the ability to be proactive when making business decisions. Read more here.
Data Analytics: Still Some Growing up to Do?
Data analytics continues to evolve and The Register says, “We are entering a new phase of computing where competitive advantage will be gained or lost based on the quality of data and the ability to analyze it.” But are we at that point yet? Read the article here to find out!