Big Data Virtual Executive Forum

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Big Data: Assessing the Strategic Risks and

Opportunities

Welcome to Compliance Week’s virtual executive forum on ‘Big Data’ and how compliance & audit professionals can turn it to their advantage.

Sponsored by Crowe Horwarth, this tele-conference will feature Richard Anderson, head of Crowe’s Global Risk Consulting practice in the United Kingdom; and nearly 20 compliance and risk officers from a range of industries.

The discussion will be hosted by Compliance Week editor Matt Kelly.

You’re in the right place; welcome, and we’ll start at the top of the hour.


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This forum will last one hour.

10:00 a.m. – Introduction; Matt Kelly, Compliance

Week

10:05 a.m. – Discussion; Richard Anderson,

Crowe Horwath

10:45 a.m. – Q&A: Will be kept anonymous;

11:00 a.m. – Closing Remarks: From Compliance Week.

Agenda for Today’s Forum


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Richard Anderson, Managing Director, Crowe Horwath GRC

A Few Words on Today’s Co-Host

• Managing director, U.K. office, Crowe Horwath Global Risk Consulting

• Chairman, Institute of Risk Management• Former practice leader in GRC at Wipro,

Grant Thornton, PwC, elsewhere• Founder, Anderson & Associates• London School of Economics• Extensive articles on risk management,

IT, business operations


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As a default, all telephone lines are set to mute to maintain orderly conversation.

To speak, use the ‘Raise Your Hand’ icon on the left side of your screen, in the GoToMeeting control panel. The moderator will then call on you and activate your line so you may speak.

To submit a question or to chat with others you can use the chat box in the GoToMeeting control panel as well. Select a specific chat recipient, or all in the group will see your comments!

These slides will be emailed to participants after the tele-conference ends.

Please speak freely!

Ground Rules

You can submit questions to our speakers by using the “Raise Your Hand” button on the left side of your screen.


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Defining ‘Big Data’: Is the concept clear? Is the idea for real?

The opportunities it offers: How can audit, risk, and compliance executive put Big Data to use?

The steps to get started: Do you have the right IT, the right people, the right workflows and systems?

Main Points of Discussion Today



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According to a survey of today’s participants ...

• 25%: I have a clear sense of what ‘Big Data’ is.

• 12%: No, I’m still unclear on the meaning.

• 62%: I have a rough idea, but too many groups define it in too many ways right now.

Defining Big Data



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Most executives on the call today want to useBig Data for...

• 75%: Real-time monitoring of compliance and risk.

• 12%: Better detection of fraud.

• 12%: Improved operational efficiency.

Identifying the Opportunities for Big Data



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How much have you explored Big Data already?

• 50%: We know the concept, and we’re considering some ideas, but so far we don’t have the time or resources to experiment with this.

• 50%: We’re pilot-testing a few projects around data collection and analysis.

• 0%: We’ve adopted new systems and procedures and launched large-scale projects.

Acting on Big Data



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Do you have visibility into all your data?

• 12%: Yes, our ERP system is great.• 69%: Somewhat; we can find it, but have to look for it.

• 19%: No, we’re surrounded by separate silos of data.

How good are your Key Risk Indicators?

• 81%: We have some KRIs, but they could be better.

• 19%: The compliance or audit team reviews the business units for compliance with policies, yes, but it’s not real-time analysis we’d like.

Do you have the right elements for Big Data in place?



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• IT systems to monitor and capture all relevant data

• Properly skilled staff

• Correctly structured workflow processes

• Positioning the benefits of Big Data, against all the pre-existing decision-support systems out there.

Problems, Fears and Concerns



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Richard AndersonManaging director, Crowe Horwath [email protected]

Matt Kelly (Moderator)Editor, Compliance [email protected]

Question and Answer Session


Big Data Virtual Executive Forum

Business

Transcript of Big Data Virtual Executive Forum