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How to build a successful risk mitigation strategy

IBM Big Data Hub

.” This same sentiment can be true when it comes to a successful risk mitigation plan. The only way for effective risk reduction is for an organization to use a step-by-step risk mitigation strategy to sort and manage risk, ensuring the organization has a business continuity plan in place for unexpected events.

Risk 74
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Automating Model Risk Compliance: Model Development

DataRobot Blog

Addressing the Key Mandates of a Modern Model Risk Management Framework (MRM) When Leveraging Machine Learning . The regulatory guidance presented in these documents laid the foundation for evaluating and managing model risk for financial institutions across the United States. To reference SR 11-7: .

Risk 64
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Automating Model Risk Compliance: Model Monitoring

DataRobot Blog

If the assumptions are being breached due to fundamental changes in the process being modeled, the deployed system is not likely to serve its intended purpose, thereby creating further model risk that the institution must manage. Monitoring Model Metrics. Figure 1: Data drift tab of a deployed DataRobot model.

Risk 59
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7 steps for turning shadow IT into a competitive edge

CIO Business Intelligence

Ask IT leaders about their challenges with shadow IT, and most will cite the kinds of security, operational, and integration risks that give shadow IT its bad rep. That’s not to downplay the inherent risks of shadow IT.

IT 136
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How Big Data Impacts The Finance And Banking Industries

Smart Data Collective

Some prominent banking institutions have gone the extra mile and introduced software to analyze every document while recording any crucial information that these documents may carry. Here are a few of the advantages of Big Data in the banking and financial industry: Improvement in risk management operations.

Big Data 140
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Stakeholder management: Your guide to influencing project outcomes

CIO Business Intelligence

“It’s a key issue that needs attention, and a CIO can and should set the tone and practices for effective stakeholder management,” says Brett Tucker, an adjunct professor of cyber risk management at Carnegie Mellon University’s Heinz College.

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5 signs your agile practices will lead to digital disaster

CIO Business Intelligence

The best way to address this gap is to draft a simple vision statement written by product managers and delivery leaders in collaboration with stakeholders and agile teams. The writing process builds trust, and a documented vision builds a shared understanding of priorities. Agile teams aren’t done when they deploy the code.