Operational risk management and control: Managing data as a key enterprise asset

Abstract

This paper explores the foundations for managing data as a key component of operational risk management (ORM). It reviews the drivers of ORM as they relate to middle and back-office operations, and the operational consequences of the legacy technology often used to meet these new challenges. The paper concludes by suggesting a framework approach to transform data management into an enterprise asset that supports the quest by operations professionals to master operational risk management. Readers will gain an understanding of specific market dynamics compelling the market towards change, the intricacies behind historical technology approaches and why these approaches can no longer support the organisations they serve, and the best practices approach to achieve a transformation to a new data management paradigm.