Insight

Data risk management

For financial institutions, effective data risk management requires visibility, protection, and trust

Robert S. Westbrook

Robert S. Westbrook

Principal, Financial Services Solutions, KPMG US

+1 804-922-9899

Pedro Calado

Pedro Calado

Director Advisory, Financial Services Solutions, KPMG US

+1 313-230-3062

Steven Stein

Steven Stein

Principal, Cyber Security Services, KPMG US

+1 312-665-3181

As FS leaders expanded their use and monetization of data, global regulators responded by enacting multiple regulations, notably data privacy, affecting industries and markets worldwide. With proper visibility into their data landscape, companies can more effectively manage data risk to meet regulatory requirements and benefit from the new currency of trust.

KPMG’s Data Risk Management service offerings help financial institutions do just that by answering questions such as:

  • How do we align internal stakeholders across the enterprise to harmonize data classification schemas and apply the appropriate level of control to mitigate data risk?
  • Where does critical and sensitive data reside and how can we leverage shared capabilities to effectively control it?
  • How can we more quickly and comprehensively demonstrate compliance with internal and external obligations regarding data risk?
  • How can you develop a data risk profile and more proactively manage and monitor risk exposure?
  • What does it take to gain the trust of employees, customers, regulators, and the board?

The good news is that institutions likely already have the building blocks for an integrated data risk management system fragmented across their organization.