Management consulting firm Russell Reynolds Associates has communicated with senior leaders in risk and data and come away with seven actions for chief risk officers, which they detail in this report.
Perhaps most important in this current era of data, they conclude, is that chief risk officers “need to be sufficiently ‘digitally fluent’ to understand the options available to them and provide the necessary insights and advice to their organizations.”
Nothing for granted
Many of their seven suggested actions for chief risk officers fall into the category of taking nothing for granted, and much of this proves increasingly vital due to the complexities and challenges associated with a great and ever growing amount of data available to today’s companies.
Among the seven key actions they recommend for chief risk officers is grasping the most basic data challenges since they often prove essential to the development of tackling more complex issues.
“Data capability and risk data strategy need to be constantly reviewed, taking a back-to-basics approach rather than getting caught up solely in sophisticated or exciting new modeling techniques,” they conclude.