Ventiv Technology

AVOIDING ERRORS A global FTSE 100 organisation collates security information from multiple sources to monitor its geopolitical risk. Information is gathered from external sources, e.g. security firms and linked to internal data from HR, finance, facilities etc. Ensuring this information remains accurate and timely is a major challenge. The risk management team demonstrate the value of security risk data to the business through online visualisation tools and one-page summaries that support decision making. This has ensured the necessary budget for data analysts who verify and test the reliability of information and ensure no data is being prioritised inappropriately. A key task includes corroborating the qualitative information that may easily be dismissed, but can be invaluable when adding reasoning to statistical data. INSUFFICIENT SUPPORT Risk mangers find their stakeholders do not sufficiently value analytics to provide the necessary resource to increase analytical maturity. This may be a consequence of data governance and processing often being owned by the IT function. Risk managers can provide the link between the IT function and the business so data is collected for tightly defined business needs and overlaid onto existing business processes that deliver practical insight. Individuals are increasingly used to digital experiences on elegant systems and have the same expectations of workplace information. Data insights should be presented through clear visual methods that can be investigated intuitively rather than through spreadsheets and tables. MAXIMISING THE VALUE A financial services firm addressed its high volume and cost of motor fleet claims, compared to the industry standard. Telematics were installed into all vehicles to provide a data feed of vehicle and driver performance to the business. The data was analysed and shared across the business at three points, to gain organisation-wide support; 1. Operations. Data was used to improve driver awareness and update Health & Safety policies and guidelines 2. Senior management. Data used to assess the cost benefit and associated risks of outsourcing the motor fleet 3. Board. Key risk indicators used to drive and monitor risk culture 5 The barriers to data use DRIVING THE DATA DIVIDE | 7

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