The second session of the IIF’s DataTalk forum, our new interactive discussion forum with knowledge partner the Oliver Wyman Forum, focused on Risk and Data Management. This note provides a brief summary of the key themes that emerged in our discussion, noting that this was conducted under the Chatham House rule, and comments are unattributed.
Participants highlighted the intertwining roles between chief risk officers and chief data officers as data pervades every aspect of business, as a horizontal and democratizing product, redefining the definitions of risk data and data risk. Several discussed the topic of data ethics, the dilemmas of deciding what to optimize data for, and the benefits and shortcomings of an outcome-oriented rules approach to data. Referred to as a game of multi-dimensional chess, the complexities of managing data become more pervasive for multinationals working across jurisdictions, cultural and legal traditions, and varying emphases based on regions.
The DataTalk series will continue in June, where we will discuss Artificial Intelligence and Machine Learning Explainability.
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