Page 29 - Risk Management Bulletin Jan- Mar 2022

RMAI BULLETIN JANUARY - MARCH 2022

DATA IS THE NEW

BUSINESS FUEL,

BUT IT REQUIRES

SOUND RISK

MANAGEMENT

n 2006, mathematician Clive Humby coined the article says, “To build and maintain trust, organizations
phrase “data is the new oil.” Since then, it’s taken need to demonstrate that they are responsible
off like wildfire. Today, data fuels business stewards of their customers’ and employees’ data and
actions, customer experience, new healthcare that they are carrying out data gathering responsibly.”
discoveries and fundamentals in every conceivable
industry. As companies increasingly drill for new sources of data
and use it to fill data lakes that empower predictive
I was thinking of the phrase recently when I read an analytics, AI and other smart decision-making digital
article in the Wall Street Journal written by Marie tools, they need to take a strategic approach to its safe,
Leone of Deloitte Insights. The article focuses on the ethical and effective use. Not only is data privacy and
need to safely leverage the power of data. Just as oil transparency becoming important in e-commerce, it’s
has extreme value to the world at large, keeps our also essential within business enterprises and their
homes warm and keeps transportation systems ecosystems.
running, actionable data keep businesses functional
Below are key considerations companies need to keep
and fuels their growth forward. Yet, as the Deloitte
in mind in order to reduce data risk and ensure the
safe, strategic and fair use of actionable information:
About the author
Ensure transparency each step of the
Morgan Palmer
way.
CTO of ETQ, helping customers
achieve success by attaining new While consumers are concerned with how their
levels of excellence
personal data is gathered and shared, business users

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