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How can news data be critical to risk management?
Many of the risks inherent in financial institutions’ business models are driven by the outside world. They are present in the transaction environment of customers, suppliers, and partners or in the context of regulatory authorities, politics, or social and ecological changes.
Therefore, closely monitoring the news for signs of risk and sentiment should be an integral part of risk management in any financial institution. Messages can also help with the risks posed by some internal data. Effective operations and compliance processes are often hampered by challenges that can be addressed with a view to the outside world and new events. These challenges include:
1. Poor access to relevant data
2. Reliance on qualitative hunches
3. Siloed focus when it comes to risk management
External message data can be used to add contextualized information to internal evaluations. As long as it’s carefully organized and curated, news data can be an excellent source of objective data about customers, suppliers, regulatory actions, and other types of risk.
It can be used to provide a more robust set of ratings that can be used to challenge qualitative ratings from in-house experts. Spot and similarly structured news data can show areas in which risk limits are exceeded and risks collide.
This is very useful in trying to counteract the risk silos that can exist in financial firms and highlights areas where these internal silos need to work together and share data.
News for Risk Identification
Horizon Scanning
This is the area where news has traditionally been used in risk management: scanning the environment for new risks due to changes in technology, the environment, API, and the political landscape. Brexit is a great example of a risk that didn’t exist 10 years ago.
Yet it has created tremendous changes and costs in the financial landscape for companies around the world. The ability to conduct online surveys in a structured manner to identify new risks that may affect your business in the future is now seen as an essential part of any good risk management framework.
Rapidly evolving risks
Our recent experience with the pandemic is an example of how a known risk (through the SARS experience) has rapidly evolved to have a much greater likelihood and impact than expected.
This event also demonstrated to executives that there is little likelihood of such risks actually occurring, and to a much greater extent than expected.
As a result, risk managers are now developing ways to constantly monitor these risks with little likelihood of change, as opposed to the annual or semi-annual review that was considered a best practice a few years ago.
Scenario generation
Scenarios are the foundation of most good risk management frameworks today. They are used in assessing operational risk capital and, increasingly, in approaches to operational resilience.
External messages are used to generate these “stories” of scenarios which are then presented to the company for understanding, such as if they occurred here they would manifest. Again, due to the pandemic, executives and boards of directors are calling on risk teams to expand their list of scenarios to ensure that risks are less likely to be covered.
News for Risk Monitoring
Outsourcing risk
This is a hot topic right now with many regulators and boards of directors. Companies develop internal monitoring programs to understand the status of their external partners and ensure that they are in excellent oversight.
Reviews to determine if third parties have other issues that they may not be aware of. Therefore, these companies receive an internal monitoring score and match it with an external monitoring score for each third-party vendor.
Scenario estimation
As mentioned above, scenario generation often uses external messages and we also see messages that are used for scenario estimation, especially probability estimation. Or at least question internal assessments that may be overly optimistic or pessimistic.
Cyber risk
Given the rapidly changing nature of cyber risk, it is important that risk teams use outside news sources to monitor the internet for new and changing risks of this nature.
This is also where the too much data problem is most evident. , the ability to organize and curate the news in this area to ensure it is relevant and proportionate to your business.
Regulatory risk
Regulators around the world these days are very busy creating new policies and rules and also communicating current fines and enforcement actions.
Compliance teams need to be aware of what their own regulators say and what other regulators say might influence others. And organizing that data for efficient follow-up is now critical to these compliance officers.
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