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Driving the data dividend
8 The future
Risk management can be considered the perfect mix of art
and science, and it's quite possible that advances in big data
collection and analytics will begin to govern the science element.
Risk managers will need to educate themselves not only on how to
approach data-driven decision-making but also the technological
developments that will increasingly dictate where data comes from
and how it is used. The internet of things, where everyday objects
including wearable technology and machinery fitted with computer-
linked sensors will provide streams of information at an unforeseen
rate. Artificial intelligence; where computers process in a way that
stimulates human reasoning or knowledge will increase businesses
reliance on automated analytics. Risk managers must fit into these
new ways of working to remain relevant.
The key will be using risk management to link data science
with the business. Risk managers should focus on using data
to encourage good behaviours and processes, supporting the
strategic direction of the business.
