Big Data: Assessing the Strategic Risks and OpportunitiesWelcome to Compliance Week‟s virtual executive forum on „Big Data‟ andhow compliance & audit professionals can turn it to their advantage.Sponsored by Crowe Horwarth, this tele-conference will feature RichardAnderson, head of Crowe‟s Global Risk Consulting practice in the UnitedKingdom; and nearly 20 compliance and risk officers from a range ofindustries.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. Sponsored bywww.complianceweek.com (888) 519-9200
Agenda for Today’s ForumThis 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. Sponsored bywww.complianceweek.com (888) 519-9200
A Few Words on Today’s Co-HostRichard Anderson, Managing Director, Crowe Horwath GRC • 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 Sponsored by www.complianceweek.com (888) 519-9200
Ground RulesAs a default, all telephone lines are set to mute to maintain orderlyconversation. You can submit questions to ourTo speak, use the „Raise Your Hand‟ icon on the left side of your screen, speakers by usingin the GoToMeeting control panel. The moderator will then call on you and the “Raise Youractivate your line so you may speak. Hand” button on the left side of your screen.To submit a question or to chat with others you can use the chatbox in the GoToMeeting control panel as well. Select a specific chatrecipient, or all in the group will see your comments!These slides will be emailed to participants after the tele-conferenceends.Please speak freely! Sponsored bywww.complianceweek.com (888) 519-9200
Main Points of Discussion TodayDefining ‘Big Data’: Is the concept clear? Is the idea You can submit questions to ourfor real? speakers by using the “Raise YourThe opportunities it offers: How can audit, risk, and Hand” button on the left side ofcompliance executive put Big Data to use? your screen.The steps to get started: Do you have the right IT,the right people, the right workflows and systems? Sponsored bywww.complianceweek.com (888) 519-9200
Defining Big DataAccording to a survey of today’s participants ... You can submit questions to our speakers by using • 25%: I have a clear sense of what „Big Data‟ is. the “Raise Your Hand” button on the left side of • 12%: No, I‟m still unclear on the meaning. your screen. • 62%: I have a rough idea, but too many groups define it in too many ways right now. Sponsored bywww.complianceweek.com (888) 519-9200
Identifying the Opportunities for Big Data Most executives on the call today want to use You can submit questions to our Big Data for... speakers by using the “Raise Your • 75%: Real-time monitoring of compliance and risk. Hand” button on the left side of your screen. • 12%: Better detection of fraud. • 12%: Improved operational efficiency. Sponsored bywww.complianceweek.com (888) 519-9200
Acting on Big DataHow much have you explored Big Data already? You can submit questions to our • 50%: We know the concept, and we‟re considering some speakers by using ideas, but so far we don‟t have the time or resources to the “Raise Your Hand” button on experiment with this. the left side of your screen. • 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. Sponsored bywww.complianceweek.com (888) 519-9200
Do you have the right elements for Big Data in place?Do you have visibility into all your data? • 12%: Yes, our ERP system is great. You can submit • 69%: Somewhat; we can find it, but have to look for it. questions to our • 19%: No, we‟re surrounded by separate silos of data. speakers by using the “Raise Your Hand” button onHow good are your Key Risk Indicators? the left side of your screen. •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. Sponsored bywww.complianceweek.com (888) 519-9200
Problems, Fears and Concerns • IT systems to monitor and capture all relevant data You can submit questions to our speakers by using • Properly skilled staff the “Raise Your Hand” button on the left side of • Correctly structured workflow processes your screen. • Positioning the benefits of Big Data, against all the pre-existing decision-support systems out there. Sponsored bywww.complianceweek.com (888) 519-9200
Question and Answer SessionRichard Anderson You can submitManaging director, Crowe Horwath GRC questions to our speakers by usingRichard.Anderson@crowehorwathgrc.net the “Raise Your Hand” button on the left side of your screen.Matt Kelly (Moderator)Editor, Compliance Weekmkelly@complianceweek.com Sponsored bywww.complianceweek.com (888) 519-9200
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