Risk Management Data Strategy - Insights from an Inquisitive Overseer / Blogs / Perficient

The article discusses the evolving landscape of data management in banks and financial institutions, emphasizing the commoditization and monetization of data. It highlights the challenges faced in the risk management function, such as the cautious nature of traditional risk managers and the need for better data aggregation and quality. The text identifies key issues like the IT-business divide, data overload, the role of the Chief Data Officer (CDO), and the ever-changing nature of financial risk management driven by regulatory changes. It stresses the importance of a consolidated risk data strategy for informed decision-making and the need for cultural and organizational changes to achieve this goal.