Latin America. The world has gone digital, every day our productivity depends on the Internet and information systems. A large amount of personal and/or business data is generated every day and everyone leaves a copy on a system that is connected to the network.
What value does an organization get from analyzing its data?
A few years ago, the cost involved in analyzing large amounts of data was very high and there was no adequate methodology to quantify its value, but, today, there are technological solutions that take advantage of the computing capabilities of hardware and can structure data generating important knowledge for organizations, what they can do is what puts them in a more appropriate competitive position.
Actually, knowledge is invaluable. Developing it from data analysis is the basis for taking actions within an organization and maximizes its competitive advantages over companies in the sector. It is not a particular issue of companies, the same people make better decisions from their daily experiences.
The use cases of data analysis are diverse, and are being tested in different sectors of the economy. From the possibility of knowing your customers properly, to the ability to develop products and services that meet needs; or managing to reduce the costs of the operation, are some of the achievements of the implementation of Big Data.
To summarize the scope we can say that it is feasible through data models to support organizations in risk management, the identification and use of opportunities and the detection of efficiencies. One of the most important solutions developed by the A3SEC Group, due to its knowledge and experience in security and control issues, is aimed at identifying, measuring and mitigating risks that may impact the strategic objectives of the organization.
Within good management practices, risk models are fundamental. To do this, the organization must identify and make decisions in the face of events that may impact the achievement of the objectives. These models should help to minimize the subjectivity of people, who, due to errors of perception, can make inappropriate decisions in the face of risk management.
Because many of the decisions of risk management are supported by the subjectivity of analysts or risk managers, some of the errors that can impact adequate mitigation are:
Believing that the frequency of an event depends on the experience of the individual or his ability to remember the events that occurred.
Get rid of an incident by presenting an alternative scenario.
The emotions provoked by an event determine the probability.
One of the errors of risk models is to leave in people the assessment of the impact and the probability of incidents. These decisions can divert a company's few resources into something of minor importance. Due to these types of problems, risk models have had drawbacks in their implementation and have lost credibility in the top managers of organizations.
With the ability to measure the frequency of events and the analysis of the history of organizations, the development of a risk management model based on technologies such as Big Data provides us with an opportunity to leverage risk models and ensure that the achievement of strategic objectives is more effective through a total vision of the organization.
By Javier Díaz Evans
Vice President of the Americas at A3SEC
