Page 27 - Souvenir - v4 (2)
P. 27

Advanced analytics models have helped bring down TAT for data analysis & insights materially. Predictive
            analytics powered by sophisticated machine learning algorithm is capable to complex pattern recognition, thus
            generating Early Warning Signals (EWS) & pre-emoting risk events.


            Smart Visualization & Omni-channel Interface
            When the actionable insights are generated by the risk team, it needs to be presented to a cross-section of
            audience – starting from an individual employee (his own dept. risk scores & risk mitigations assigned to him)
            relevant department HOD (all the risks of his own department), empowered management level committees (a
            further higher level summary & details), board committees (organization level summary coupled with strategic
            implication) and the board. So the next natural step is smart visualization and interface. Risk needs to deliver
            the insights to the highest level audience in an intuitive, interactive and personalized manner through risk
            dashboard or gamification. In addition, such insights should be uniformly delivered seamlessly through various
            channels such as –mobile, tab, laptop, desktop or email to include cross-section of audience – a true omni-
            channel delivery.

            Seamless, Flexible & Cohesive Tech stacks
            All these components discussed above – Data storage, the RPA system driven smart workflows, advanced
            analytic engine & decision platform, smart visualization & omni-channel interfaces, vendor eco-systems -
            should be integrated together in the most efficient & cost-effective way leveraging cloud architecture (such as
            Application-as-a-service etc). Every risk team needs to ensure that these tech-stacks are built most cohesively
            in their armoury to take most benefit from the digital disruption.

            External Ecosystem
            The tech stack and the infrastructure building for the “digital risk team” is indeed a critical task requiring a
            great deal of understanding and engagement of specific vendors. Each and every tech stack component needs
            expert knowledge and capability and risk team has this critical responsibility of engaging with them, and
            embark on the journey to make the risk function future fit.

            Secondly, risk function is responsible for putting together systems and process to abide by applicable
            regulations and engage with the regulators regarding their findings and queries.
            As the risk function is an emerging function, risk managers and analysts need to be updated with latest
            happenings in the area and be constantly connected with peers and share best practices.

            Talent & Culture
            Last but not the least, all of the above need a different set of capabilities and skillsets. Risk managers and
            analysts across the world, constantly find themselves within a maze of information, data, analytics applications,
            visualizations, engagements with stakeholders and innovations. Such complex set of moving parts, which are
            very fluid by its nature, need to be addressed with newer & evolving skillsets –hard skills and soft skills alike.

            Risk function will need the most share of digital & data savvy personnel with fluency in languages of both risk
            and business. They should thrive to in a culture of innovation and experimentation. From the hard skill
            perspective, the most sought after skill for a risk professional is data science and from softer perspective it is
            the skill of fluent communication of the insights with external & internal stakeholders.


            Key Trends in Emerging Risk
            According to an IDC study of world-wise spending of digital transformation across industries estimated that
            close to $1 trillion has been spent on 2018.












                                                                                                                    27
   22   23   24   25   26   27   28   29   30   31   32