Part 6. Making sense of your Risk data
Data visualisation is not new. In fact, Florence Nightingale is frequently referenced as an early pioneer, using pie charts to record fatalities and incident rates during the Crimean war. However, while the concept itself isn’t new, modern data challenges demand new and often complex solutions to alleviate the growing data burden.
Businesses are capturing and monitoring more data from a wider range of sources, it is clear that user-friendly data entry is not enough. GRC data sets can increase exponentially on a daily basis, meaning support for visualising large risk data sets is essential to make sense of it all.
Heatmaps, activity logs, dashboard components including charts and key metric management are just a few examples where data is collated, aggregated and monitored to provide a meaningful insight into the organisation’s risk position.
While every successful GRC solution should support a wide variety of risk data visualisations, a key question to ask is what are you planning to use the data for? This will help to scope your data needs, pinpoint the scenarios in which the data will be used and choose the desired format or technology platform.
These scenarios may include, but are not exclusive to:
- Risk reporting
- Stress testing and financial modelling
- Incident reporting
- Geographic modelling
As Norman Marks highlighted in a recent blog, “GRC is not about technology. It is about ....how we can optimise outcomes and performance, addressing uncertainty (risk management) and acting with integrity (regulatory compliance and organizational values)”. Data visualisation enables organisations to optimise their view of risk, underpinning the entire risk management process and ultimately turning data into meaningful information.