I’m sure most people will agree that data as an asset is not a new idea. However, I can make a strong argument that regulation as an asset is.
This is quite a simple idea: Data is the new currency. Regulation has encouraged us to record, archive and interpret data so closely that we can now gather enough information to create a valuable asset.
By forcing organizations to refine data in great detail, regulation has turned the underlying asset of risk management into a tool for wider business management.
Data is now more accessible than ever before. We can now understand and use risk insights such as understanding of financial crime, operational risk and credit risk as business intelligence.
This change can provide a better view of your business, informing business decisions. It’s an opportunity to take a strategic approach to delivering value.
Data isn’t static. Because we’re talking about a resource that grows every day, this potential could be endless. Its potential to deliver a return could create seismic changes in business intelligence. Let’s not let this resource go to waste.
At a time of cost cutting, investing data into the wider business is a route to growth. The more clear and complete vision management has of what is known and unknown creates better control over all areas of business. Get your stakeholders on-board to create systems to do this.
Howard Mather is a Principal Sales Consultant for Oracle Financial Services. He can be reached at howard.mather AT oracle.com.