Executive Summary:

Efficient, data-driven risk strategies the need of the hour

Data-driven risk strategies are changing the game for banks. Integrating data analytics into risk management can help resolve risks before they crystalize into bigger issues that impact performance and require substantial investments of time and resources to resolve.

Risk-management strategies empowered by data analytics can identify, prioritize and manage material risks in real time, providing impactful view for first-line risk owners, risk and compliance departments, board members, and other key constituencies.  

In today’s complex and competitive marketplace, these capabilities can be the difference between strategic success or failure. Yet, in our experience working with large banks, only a few are using data in risk management to maximum effectiveness. 

To gauge progress, we advise banks to ask themselves some pertinent questions