Many Companies Lack Consistent Risk Data Mining, Reporting

37% of executives report that their companies do not take a consistent, enterprise-wide approach to mining, reporting, and analyzing risk data, according to a Deloitte Poll.

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Deloitte Poll: 37 Percent of Companies Report Having No Consistent Risk Data Mining, Reporting and Analysis

NEW YORK, Feb. 22, 2011 /PRNewswire/ -- More than one-third (37.4 percent) of executives report that their companies do not take a consistent, enterprise-wide approach to mining, reporting, and analyzing risk data, according to a recent online poll conducted by Deloitte.

"Many organizations have partial risk data management programs that can leave enterprises exposed," said Bob Walley, with Deloitte's regulatory & capital markets consulting practice. "The challenge is to build and maintain an enterprise-wide risk data management program that enables executives and boards to make strategic decisions based on robust, risk-based business analytics."

Boards and executives use detailed analysis from data collected across the company for key risk management decisions in 32.7 percent of respondents' companies. Yet, 11 percent of executives described their companies' data governance programs as "non-existent."

"The good news is that boards and executives are turning to risk data management programs-including business analytics of the data-to help strategically create and protect value," said Donna Epps, co-leader of Deloitte's governance and risk management practice. "But, for most major, multi-national organizations, the process of inventorying data sources, ownership and applications can be overwhelming, particularly if program budgets have been cut."

The biggest challenges respondents reported for their risk data management programs' success included too many data sources (33.2 percent) and too few resources (28.6 percent).

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