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The Risk (R)evolution: Video + Infographic

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Sources of Business Risk in Your Enterprise Data

Today, not surprisingly, organizations around the globe are built upon data. To the point that, you could say that data has become the single most valuable source of information out there. But what you might be interested to learn is that data has become extremely risky for those companies using it in silos. This has us asking the question, “What are sources of risk within company data?”

As a result, Dun & Bradstreet commissioned a survey of finance leaders worldwide to better understand how they view business risk and use data to manage it. Data woes are common among finance leaders, most of whom claim that data and insights to manage risk are still collected in silos and not shared fully. What we learned is that disparate data, organizational silos, and lack of data integration were named as top barriers for about one-third of finance organizations.

Is Your Data Locked in Silos?

The good news for many organizations is that effective risk management begins when they develop an effective data management strategy – one that embraces technologies and tools such as machine learning or robotic process automation.

However, regardless of emerging technologies and innovative tools, finance leaders continue to struggle internally to leverage data in order to better manage risk. Currently, over half of the finance leaders surveyed said they aren’t capitalizing on the use of 3rd party analytics, master data, automation, machine learning, artificial intelligence, or blockchain. As a result, data management practices are extremely underutilized, or, in some cases, rely heavily on more traditional tools such as self-created analytics from spreadsheets. Investments in resources and strategic direction are necessary to ensure organizational risk is managed effectively with data and insight as strategic guides.

New Global Risk Study

Watch the video to see how to transform your approach to risk management.

 

Data Risk Management in 3 Steps

Reimagine Your Approach to Risk Management - Sit down with business partners, align with internal stakeholders, and conduct outside research to identify pivotal areas to address.

Automate or Stagnate - When fueled by insight, automation can reduce operational costs and help open new avenues of growth for finance teams by scaling and pulling in data from multiple sources at once.

Empower Your Team from Within - Finance teams need to make data insights readily available across teams. The simplest way to find the straightest path from your vision to your outcome is to look at your entire organization from an outside-in perspective.

The time to make time for the future is now. Finance teams have the ability to lead the charge on both the front and the back ends of the business, guiding their organizations toward profitable growth. It doesn’t pay to invest in technology, tools, or talent without first imagining what the future should look like.

Click the link below to check out the full (R)evolution of Risk Management infographic to learn more about data usage, the risk landscape, and how to evolve your company’s approach to data risk management.

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