while heavily financial services focussed, McKinsey & Company raises some very interesting and relevant points for risk management across all enterprises, Heathcare, Financial Services, Manufacturing, Insurance or Superannuation.
The below exerpt has been slighty modified to demonstrate the relevance of digitising risk in an industry agnostic way. The QC-Three way.
"A digital transformation for Risk would mean a number of changes. Chief among them, risk would capture and manage information from a broader and richer set of data, It would automate processes it controls, and work with others to do the same for decision-heavy processes. It would use advanced analytics to further improve the accuracy and consistency of its models, in part by greatly reducing the biases. Risk would embed its solutions in a organisations website, its mobile app, and its core information platform, while deploying a flexible risk data architecture. Inside the organsation, leaders would consult self-serve dashboards informed by risk analyses—and thus act on risk-driven strategic advice. Risk would review and reshape its mandate and role to capitalize on its ability to provide faster, more forward-looking, and deeper insights and advice. It would alter its organizational setup, as well as its culture, talent, and ways of working. But to get there, risk must overcome a set of challenges. First, risk systems have significant IT and data constraints. IT systems are often patchwork, which means that data quality is often poor. Eighty-six percent and 63 percent of risk managers viewed legacy IT systems and a lack of easily accessible high-quality data, respectively, as the main challenges to digitizing risk. The working group noted the contradiction involved in encouraging people to seek additional and creative data sources while not mining fully trusted internal data as a result of the challenges of legacy IT systems.