Tag: Risk

The accelerated adoption of modern data technologies, cloud-based storage, and AI has made data risk a more serious matter. It hits almost every industry. Worries around privacy and ethical data use have shifted to the forefront. However, companies will stay on the digital trail and become more data-driven.

Data risk is the vulnerability to value loss. Moreover, credibility loss can be precipitated by impediments to an organization’s capacity to collect, store, move and use data assets. Many businesses have started to maintain data risks by leveraging cognitive technologies. They’ve started updating data management systems and embracing forward-looking analytics methods. Furthermore, some companies are beginning to spread the same governance rules and ROI reviews that utilize technology on underlying data assets.

Companies are intensifying efforts to recognize and manage their data assets. Some have challenges doing so in a steady, enterprise-wide fashion while adjusting to business plans. The first action requires concentration on thorough data risk assessments of the org, business model, and core strategy.

Despite scope or industry, businesses tend to encounter related difficulties at a high level. For instance, it’s not unusual for individual workstreams to change their processes and norms for handling data, rather than those produced through a more lengthy governance program. A shortage of unity in procedures concerning data can result in operational inefficiencies, such as duplication of systems and multiple data standards. Moreover, problems generated by misaligned practices and associated risks can get amplified at the C-suite, pushing leaders to make crucial data and risk decisions without knowing the root causes of weak data management.

Learn more about how you can reduce data risks in our articles below.