2. Implement product and service management
Most financial services firms already use dashboards, including “red-yellow-green” formats. While these provide easy-to-understand, “snapshot” views of data, they may not be fully understood by board members or business stakeholders. The key is educating those groups on what the metrics mean, so directors can ask the right questions related to issues identified by the data (see the next point), which in turn helps instill a more risk-aware culture.
Dashboards can help show progress in the use of higher quality or more timely data. It’s never too late to build a better dashboard or consolidate existing ones. In other words, smarter dashboards clearly illustrate the value of better data and metrics.
3. Significant data challenges remain
Data accessibility, quality and reliability will determine how effective metrics and even the best-designed dashboards can be depended upon. Most businesses have room for improvement in these areas. Even senior security professionals spend too much time hunting for data and reworking spreadsheets to get the views they need. Data quality issues affect business stakeholders, too. When there is low confidence in underlying data, executives will be skeptical of metrics and reports.
There is a clear and pressing need to increase the confidence level in data integrity. Increased automation, which can streamline data collection, enhance data quality and free time for higher-value analytical work, should be a priority for risk and cyber teams.