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Digital risk: transforming risk management for the 2020s

Significant improvements in risk management can be gained quickly through selective digitization—but capabilities must be test hardened before release.

Data, analytics, and IT architecture are the key enablers for digital risk management. Highly fragmented IT and data architectures cannot provide an efficient or effective framework for digital risk. A clear institutional commitment is thus required to define a data vision, upgrade risk data, establish robust data governance, enhance data quality and metadata, and build the right data architecture. Fortunately, processes and analytics techniques can now support these goals with modern technology in several key areas, including big data platforms, the cloud, machine learning, artificial intelligence, and natural-language processing.

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