IIF Authors

Status: Will be live at 08/10/2022 09:29

DataTalk - Briefing Note 15 - Data and Operational Risk

The latest session of the IIF’s DataTalk focused on Data and Operational Risk and was held in collaboration with the IIF Regulatory Affairs team. The call covered key themes that we are addressing through a joint effort between the Digital Finance Working Group and the Special Committee on Effective Regulation (SCER). This note provides a summary of the discussion, noting that the conversation was conducted under the Chatham House Rule, and comments are unattributed. For context, DataTalk is our community of practice to bring together data officers and experts for interactive sessions on key data topics in financial services.

As financial service firms seek to use an expanding universe of data in increasingly sophisticated ways, a fragmented regulatory landscape is raising barriers while at the same time, firms are grappling with new dimensions of risk. Differing understanding of resilience in the face of risk, and whether that risk arises from activities, entities, or assets presents a challenging and fragmented operation and regulatory landscape. Better coordination across and within jurisdictions is needed to minimize operational risks and support innovation, especially for small firms. The DataTalk series continues later this month on August 22nd at 9:00am New York time, where we will discuss AI, data frameworks, and new regulation with a focus on the implications for the insurance industry.

For more information on this forum, please contact handerson@iif.com.