You must hear this often if you manage any kind of risk — risk and value go together. And that's true, of course for data! Both data and its infrastructure must be managed for their benefits and risks. The purpose of the book is to elaborate on this need to formalize data risk management. Today, regulations drive enterprises to assess data related risks. Prioritizing and managing data associated with financial or operational risk has been the corner-stone of most regulations like BCBS, CCAR, GDPR to name a few. Nevertheless, data risks can extend beyond regulations to improve existing control environments in companies. By doing so, we will maximize the potential of data capabilities to reach 100%.
Through structural alignment within the board and formalizing a data-risk function, the book focuses on managing data risks. Furthermore, the book explains quantitative and qualitative approaches to data risk assessments along with popular tools and techniques. Also, Tejasvi discusses a proven approach to managing data risks called capability-based assessment. As a technique, this can also be applied to data risk planning and formulating a data risk strategy.
Twenty data risks and privacy risks are provided in this book by way of examples. These are accompanied by details such as a risk statements, scenarios, causes, and categories of impact if the data risks are to manifest
