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LEARNING RESOURCES

Difficult-to-manage risks
Similarly, open data can be used to
model for very-difficult-to-manage Data Power Pack
risks, such as modern slavery or human
rights abuse in the supply chain. Slavery, Develop data analytics skills and enhance your ability to make better,
forced labour, and child labour are more data-driven decisions.
known to be far more widespread than
many business leaders would like to Find in this course in the AICPA Store and the CGMA Store.
admit, particularly in international COURSE
supply chains.
No one connected to a business Finance and Data Foundations
would be happy knowing they have been
complicit with exploiting child cobalt Strengthen your business acumen and unlock the power of data
miners in Congo or trafficked fishing analytics.
workers in Thailand. And ignoring these
risks to maintain a kind of culpable Find this course in the AICPA Store and the CGMA Store.
deniability is problematic in a world of COURSE
ever-expanding and easily accessible
knowledge. Data Analytics Core Concepts Certificate
Reasonably reliable data produced by
nongovernmental organisations and Learn how to harness the power of data analytics to create value and
international agencies exists on the make better business decisions.
location of forced labour practices by Find this course in the AICPA Store and the CGMA Store.
industry and location, which can be used
to map out a business’s risks by product, COURSE
sector, or supplier locations. By mapping
out possible intersections between
information on raw materials,
components, and suppliers, and these Tips to use open-source data to y Take advantage of online training
sectoral or national datasets, a business manage risk material and invest in developing
could begin to predict the possibility of Finance professionals are natural the finance team’s capacity to
connections with labour practices that collaborators who work better integrate open-source data.
could destroy its reputational capital. collectively. Harnessing the wisdom of y Remember to use only reliable
This enhanced knowledge allows a the crowd has been and remains a datasets from trusted organisations
business to focus any investigation or winning strategy, and digital technology in order not to breach data privacy
enquiry into the high-risk parts of its has turbocharged this potential. or security laws.
supply chain. Here are five tips to incorporate Integrating open data offers
Socially conscious investors no longer open-source, nonfinancial data into considerable cost reductions, better risk
need to rely on borrowers to produce financial management decisions: management, and value-creating
reports on what happened with the y Integrating open data on possible potential. A few days of training, often
money. Investors could ask borrowers to risks could give you a competitive provided free by open-data proponents,
upload videos on their GIS of what they edge in insurance, procurement, open up a universe of data and
are doing and monitor index changes of and other contract negotiations. possibilities. And many new graduates
multiple deprivation and health When you identify data gaps in already possess data analysis capacity.
statistics, or evidence from local your information systems, search The data-sharing economy is alive and
environmental regulators or community for open datasets rather than carry thriving in the World Wide Web — and
groups — even in remote areas such as on with no evidence whatsoever. waiting to be used. ■
the Niger Delta. y Explore the benefits of combining
Managing other sustainability-related business information systems
risks like biodiversity could also be with open-source mapping data
enhanced by using open data. You can and software. This can provide Ian Thomson, ACMA, CGMA, is
search for and monitor the performance new enhanced data visualisations professor of accounting and
of all delicate ecosystems connected to and improve the interpretability of sustainability and director of the Lloyds
your business, or even integrate data on complex datasets. Banking Group Centre for Responsible
the quality of these ecosystems on your y Open datasets related to Business at the University of
website or as part of your sustainability environmental risks often include Birmingham in the UK. To comment on
reporting system. The integration of detailed, reliable forecasts and this article or to suggest an idea for
independent, open-sourced, third-party scenarios that can be readily another article, contact Oliver Rowe at
data can greatly enhance the credibility integrated into strategic planning Oliver.Rowe@aicpa-cima.com.
and legitimacy of your reporting. and budgeting.

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