Managing Risk special report
![ird-managing-risk-report-sep2013 ird-managing-risk-report-sep2013](/sites/default/files/styles/landscape_750_463/public/import/IMG/788/269788/ird-managing-risk-report-sep2013-580x358.JPG.webp?itok=NzSCE1a6)
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Risking a Deeper Dive
Risk management often sets the priorities for data management. So, given the opportunity to hear from data management professionals about how managing risk should be supported through data management actions, Inside Reference Data included data quality and data governance questions in the Virtual Roundtable appearing in this report.
BNY Mellon's Kerry White sees data quality improvements "making a difference" for risk management, although those improvements are not complete. Greater volumes of data are being accessed more frequently to carry out risk management reviews, she says, while Fidelity ActionsXchange's Deborah Culhane says data quality is being improved by more mature data governance processes.
Data governance, however, must be achieved independently of risk management, in some respects. "Good, sound data governance needs to ensure that it encompasses all aspects and uses of data," says HSBC's Peter Serenita. Data governance should not be so narrowly defined that only one part of a firm, like the risk department, is responsible. Customers are demanding more granular data, thus requiring timely and meticulous production of data, according to White. Data has to be organized and saved accurately, globally and intuitively to allow later access using business intelligence tools, she says.
In effect, to best use data to manage risk, firms have to take the risk of putting more effort and resources into their data operations, setting comprehensive governance standards and being more careful and precise with collection and management of that all-important data.
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