Identity Analytics: from a compliance-based to a risk-based approach

Here is a recent, interesting article called “Banks Need to Take Risk-Based Approach to Data Management”:

“Banks need to approach their data privacy and security from a risk point of view, according to experts with New York-based Deloitte. The firm held a webcast Tuesday that discussed how financial institutions can transform themselves from being compliance-driven organizations to risk-driven organizations, two models that are distinct, Edward Powers, a principal with the firm's security and privacy practice, said.
Over the last six to eight months, Powers said he has seen a continued sensitive to risk among financial institutions. "At the same time, I've seen significant moves to downsize budgets and human resources. This is creating strain. Most organizations are now optimizing around the things that are most urgent."”

Interestingly, this reiterates a trend and approach that I have been describing for a while, especially from a security and identity management perspective. I would extend this not only to Banks (and the FI sector), but also to enterprises and Government Agencies.

I believe that, from an identity and privacy perspective, modeling and simulation (coupled with social science and economics) can provide additional support to help decision makers to better understand the consequences of their risk posture along with explaining and predicting the impact of their choices.

Further information about our vision, based on Identity Analytics, has been provided in a few recent blog posts of mine (here, here and here), where I also discussed our view towards strategic decision support for Identity Management (and privacy …).

--- NOTE: my original HP blog can be found here ---