• Focus on solving business problems.
Amassing huge volumes of data for the sake of it will get you nowhere.
For data analytics to really provide value, it needs to be focused on the most important governance questions and provide the right level of detail you need to answer them.
Let’s say you want to determine whether your Senior Managers & Certification Regime framework meets Financial Conduct Authority expectations. In that case, you will need a platform that can take formal sources of information, such as responsibilities maps, enhance it with qualitative insights connected to real risk factors and allow you to drill down through layers of aggregation, unlocking the true cause of any issues.
If data is too high-level or irrelevant, you’ll likely lose buy-in from your teams and all that potential insight will be relegated to the sidelines once again.
Jodie Maurer is head of TCC Australia at compliance consultancy TCC