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In this episode, Travis Ringger joins Brian Schwartz to discuss the practical actions risk functions can take to lay a foundation for better collaboration and risk insight.
We discuss the following questions:
1:08 - Why do only a small percentage of companies feel they have the right technology and tools needed to manage risks today?
2:35 - What are some of the non-technological, foundational steps that organizations need to take for better collaboration?
4:37 - What do you see risk functions doing to improve their risk data, are they building common data sources and do they understand what to do with the unstructured data?
6:46 - What are the difficulties and misconceptions associated with building one single source of truth?
9:33 - What are the appropriate steps for a company to take to move toward a more common technology platform?
11:55 - What is your advice for risk functions that don't foresee being able to invest in a common technology?
13:45 - What are some key takeaways for those looking to increase collaboration between risk functions?
Brian Schwartz is a Partner in PwC's Risk and Regulatory practice and the primary author of the Global Risk Study. With over 30 years of experience, Brian has a diverse background with deep risk management and internal audit experiences and capabilities, including consulting and corporate leadership roles as Chief Audit Executive, Compliance Officer and member of Risk Oversight Committee. Brian has worked with companies across sectors. He has a proven track record of helping companies think through emerging and future risks and providing with the right, tailored solutions to address those risks and concerns.
Travis Ringger was a Director in PwC's Digital Risk Solutions practice specializing in designing and building data science solutions that improve performance. He helps organizations make better decisions, and provide assurance around regulatory, compliance, and other business risks. Travis' specific areas of focus include natural language processing (NLP) and unstructured data analytics. He leads development teams building new software and bringing solutions to market. He also collaborates with technology partners to produce unique solutions combining business expertise with the latest technology.