Helping Compliance Cross The Data Chasm
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The document provides an overview of a virtual conference on compliance and big data, featuring speaker Mario Faria who discusses the intersection of data analytics and compliance frameworks. Key topics include the evolution of data technology, the role of Chief Data Officers, and the impact of big data on compliance practices. The seminar aims to equip compliance professionals with insights on leveraging big data for risk management and operational efficiency.
Helping Compliance Cross The Data Chasm
- 1. Helping Compliance Cross the Data Chasm You can submit Welcome to Compliance Week’s virtual conference on Big Data and how questions to our compliance can respond to the emerging risks. speaker by using the “Ask a Question” button on the left side of your screen. This afternoon’s Webcast will feature Mario Faria, data strategist with Boa Vista and will explore some real life compliance tools for crossing the data chasm. The discussion will be hosted by Compliance Week Executive Editor, Joe McCafferty. www.complianceweek.com (888) 519-9200
- 2. Agenda for Today’s Webcast This Webcast will last for 50 minutes You can submit questions to our speaker by using the 1:30 p.m. Introduction “Ask a Question” Joe McCafferty, Compliance Week button on the left side of your screen. 1:35 p.m. Discussion Mario Faria, Boa Vista 2:05 p.m. Q&A: Will be kept anonymous 2:20 p.m. Closing Remarks: From Compliance Week www.complianceweek.com (888) 519-9200
- 3. Introduction: The Series, Schedule & Instructions You can submit Upcoming Virtual Conferences: questions to our speaker by using the Visit our website for future virtual event dates and topics “Ask a Question” www.complianceweek.com button on the left side of your screen. Instructions: Use the “Ask A Question” function (left side of your screen) All questions will be anonymous. www.complianceweek.com (888) 519-9200
- 4. Today’s Presenter Mario Faria You can submit questions to our Data Strategy Advisor, Boa Vista speaker by using the “Ask a Question” button on the left • Has worked as a CDO for Boa Vista, a credit bureau services side of your screen. provider in Brazil, which is partly owned by Equifax. • Is a professor of marketing and strategy at the MBA program of the Business School São Paulo (BSP). • Is a contributor of several conferences, magazines and publications in areas of Big Data, Data Analytics, Data Management, Digital Marketing, Social Media, and Technology. www.complianceweek.com (888) 519-9200
- 5. Helping Compliance Cross the Data Chasm March 27th, 2013 Mario Faria Data Stratagy Advisor 5 Mario Faria
- 6. Objectives of this seminar • To help Compliance people to understand what is currently happening with data and technology • To present some Big Data concepts that will help Compliance people do their jobs better • To provide insights on how Compliance and Data Teams should successfully work together inside an organization 6 Mario Faria
- 7. Who am I ? • MIT recognition as the 1st Chief Data Officer and Lead Data Scientist of Latin America • 20+ years working with Information Technology, Management Consulting, Financial Services, Retail, Consumer Goods and Private Equity • Expertise in Data Management, Analytics and BI at Boa Vista (Equifax Joint Venture), IBM, Accenture and Microsoft • Speaker at several conferences on these subjects in USA and throughout Latin America • Contributor writer for magazines and publications in areas of data management, marketing, media and technology 7 Mario Faria
- 8. Our agenda today • How we got here • The 5 waves of Technology • From BI to Big Data • The Data Life Cycle • The Chief Data Officer / Head of Analytics / Data Scientists • Is Big Data a threat or a tool for Compliance ? • Going from here • Conclusions • Q&A 8 Mario Faria
- 9. There was a time in history of mankind … 9 Mario Faria
- 10. On Compliance and Big Data 10 Mario Faria
- 11. Compliance and Big Data : more than 38 million results 11 Mario Faria
- 12. Compliance and Big Data : more than 1.8 million results 12 Mario Faria
- 13. How to make sense ? 13 Mario Faria
- 14. Helping Compliance Crossing the Data Chasm Geoffrey A. Moore 14 Mario Faria
- 15. How we got here in terms of Big Data 15 Mario Faria
- 16. The Web Evolution : more and more data driven Middle 90s 2005 - 2011 2012 moving forward Web 2.0 Web 3.0 - Data-driven Web 1.0 Bricks to Clicks Participatory Web moves from broadcast (push) medium to enabling two-way dialogue based on: - Behavior - Preferences - Profile data - Personalized user experiences Leverage the web as a database - Machine learning - Predictive analytics - Automated modeling Internet of things - Widgets - Peer-to-peer networks - Devices, cars 16 Mario Faria
- 17. The 4 driving factors that are changing the technology industry as we know it • Social • Mobile • Cloud • Information 17 Mario Faria
- 18. 18 Mario Faria
- 19. The 5 Waves of Technology 19 Mario Faria
- 20. The 5 waves of computing technology 20 Mario Faria
- 21. 1st wave - computers 21 Mario Faria
- 22. 2nd wave - ERPs 22 Mario Faria
- 23. 3rd wave – CRM and Supply Chain integration 23 Mario Faria
- 24. 4th wave – Business Intelligence 24 Mario Faria
- 25. 5th wave – Social Computing 25 Mario Faria
- 26. From Business Intelligence to Big Data 26 Mario Faria
- 27. What is Analytics ? “The extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions” – Thomas Davenport 27 Mario Faria
- 28. Analytic Maturity Curve 28 Mario Faria
- 29. 29 Mario Faria
- 30. What is Big Data? SQL MAPREDUCE HADOOP CLOUDSCALE MPI BSP PREGEL DREMEL PERCOLATOR 30 Mario Faria
- 31. Differences between Big Data and Traditional BI projects 31 Mario Faria
- 32. The evolution path to Big Data 32 Mario Faria
- 33. Big Data is not just about : • Large volumes • Greater scope of information • Real time access to information • New kind of data and analytics • Data influx from new technologies • Non-traditional forms of media • Variety of sources It all of the above, plus a transformation in processes and culture, and it is a disruptive factor for entire industries 33 Mario Faria
- 34. Analytics is about customer centricity • Supply Chain forecasting • Behavioral analysis • Operations improvement • Marketing targeting / decisions • Real-time pricing / promotions • Customer experience analysis • Customer insights • Customer lifecycle management • Fraud prevention and analysis • Network monitoring 34 Mario Faria
- 35. Big Data & Analytics are transforming how companies operate, internally and externally, at startling speed • Big Data = Big Problem • The change in employee norms is challenging traditional corporate hierarchies • The really big headache for companies is how to break down internal “silos” of information • Tomorrow’s corporate winners will be the Sir Martin Sorrell, businesses that can not just collect CEO WPP, numbers but make sense of them too, @ Davos World and find ways to use this data to foster Economic Forum more collaboration across the Jan 2013 organization 35 Mario Faria
- 36. 36 Mario Faria
- 37. Big Data = Human Behaviour 37 Mario Faria
- 39. Some problems, at this point, in most organizations • Data is fragmented and scattered • Like the truth, data has many versions • The Data Lifecycle is a complex process • A formal process to manage data is a requirement in order to do Analytics 39 Mario Faria
- 40. The complexity of the Data Life Cycle 40 Mario Faria
- 41. Usage of wrong data can make you lose money 41 Mario Faria
- 42. Usage of wrong data can destroy credibility 42 Mario Faria
- 43. Who owns the Data inside an organization ? 43 Mario Faria
- 44. Chief Data Officer / Head of Analytics / Data Scientists 44 Mario Faria
- 45. More and more, data leaders are being hired to think strategically think about all the steps from getting raw data and making it useful to business users 45 Mario Faria
- 46. Chief Data Officer (CDO) / Chief Analytics Officer (CAO) / Lead Data Scientist 46 Mario Faria
- 47. Chief Data Officer (CDO) / Chief Analytics Officer (CAO) / Lead Data Scientist • A new profession that is becoming very common in corporations • He/she is a corporate officer who is the business leader for enterprise-wide data processing and data mining. • The CDO typically reports to the CEO or the COO and is a member of the executive management team of a company or business unit. • CDOs leverage their organization's data assets in support of strategy. He/she manages enterprise-wide data administration and is the champion of enterprise information management • CIOs are concerned with this new role, because of the threat to their current status quo 47 Mario Faria
- 48. The role of a Chief Data Officer or Lead Data Scientist The insight is operationalized in BI/DW products, by data architects A data scientist is the one who looks for insights The insight is shared with the enterprise The CDO or Lead Data Scientist is the executive responsible and accountable for the data life cycle inside the organization, managing the people involved in the data activities, such as acquisitions, analytics, processes, governance, quality, technology and budget 48 Mario Faria
- 49. Why do you need Chief Data Officer ? 49 Mario Faria
- 50. Why do you need a Chief Data Officer ? • Data is about business, it's not about IT • Data is an economic asset, so you need a senior person to handle the data initiatives. • As an economic asset, data needs: control, show value and monetization • There is now way you can do Advanced Analytics unless you have some data management practices in place. 50 Mario Faria
- 51. How a CDO should implement Big Data projects • Define what Big Data means to the organization • Establish a data-driven culture inside the business units • Adopt the most-suited technologies of business rules • Put in place predictive analytics to build decision systems that are agile, analytic and adaptive 51 Mario Faria
- 52. January 2013 “The Forrester Wave™: Big Data Predictive Analytics Solutions, Q1 2013” The Predictive Analytics Process Must Be Continuous To Ensure Effectiveness 52 Mario Faria
- 53. Foundations of the Big Data team responsibilities • Data Strategy • Data Analytics • Data Insights • Data Architecture • Data Governance • Data Quality • Data Acquisitions • Data Operations • Data Policies • Data Security • Data Protection 53 Mario Faria
- 54. Wait a second ! Compliance means conforming to a rule, such as a specification, policy, standard or law It reminds a lot of what the data guys call DATA GOVERNANCE 54 Mario Faria
- 55. There is, after all, a strong tie between Compliance and the foundations of Big Data 55 Mario Faria
- 56. Is Big Data a threat or a tool for Compliance ? 56 Mario Faria
- 57. Compliance and Big Data risks 57 Mario Faria
- 58. A threat for Compliance ? 58 Mario Faria
- 59. LAST summer, employees at the National Aeronautics and Space Administration received an in-house newsletter illustrated with mock front pages of USA Today and The Washington Post and seemingly hyperbolic headlines like: “NASA Laptop Stolen, Potential Compromise of 10,000 Employees’ Private Information!” – extract from NY Times, Feb 16th 2013 59 Mario Faria
- 60. The Companies and Countries Losing Their Data, by Sarah Green, March 12, 2013, HBR 60 Mario Faria
- 61. The Companies and Countries Losing Their Data, by Sarah Green, March 12, 2013, HBR 61 Mario Faria
- 62. One Big Data usage : Social CRM and Behavioral Targeting 62 Mario Faria
- 63. Gaydar Project - MIT • Finding out sexual orientations • Facebook posting analysis • Friends lists identifications • Behaviour patterns • Inferences and predictive analysis 63 Mario Faria
- 64. Facebook 'likes' can reveal your secrets According to a new study from the University of Cambridge, it’s possible to predict a person’s private traits — sexual orientation, political leanings, religion, intelligence, etc. — just by analyzing their Facebook likes. Researchers looked at the FB profiles, likes, surveys and personality tests of 58,466 individuals, and from that data developed a model that predicts personal attributes with a great deal of accuracy. www.cnnn.com/2013/03/11/tech/social-media/facebook-likes-study/ 64 Mario Faria
- 65. The Big Data Fragmented Tech Vendors : data life cycle process view 65 Mario Faria
- 66. Technology alone will not change the previous results To succeed in Big Data, an organization will be required to change some of its current internal processes 66 Mario Faria
- 67. The complexity of an Analytics project • It requires a better, more robust and scalable infra- structure • A new way of thinking about architecture • More deployment options • Changing patterns of data consumption • More complex data management requirements • Data demands from more applications • Data Integration will be a critical path of the project • Pressure for faster results • Different needs and roles after the project goes live (it requires change management and processes reconfiguration) 67 Mario Faria
- 68. The catch : just a few companies (users and consulting) understood the nits and grits about Big Data Analytics: it requires you to moving from a data management vision (tactical) to an information management vision (strategic) 68 Mario Faria
- 69. A requirement for any Big Data project • Any Big data initiative is very dependent upon a scalable and extensible information foundation • Some companies may not have them at home (on premises) and will require a cloud solution to deploy 69 Mario Faria
- 70. A tool for Compliance ? 70 Mario Faria
- 71. Big Data for Network Security Monitoring 71 Mario Faria
- 72. A real case from a financial services institution • Compliance Team using Big Data tools to Analysing emails and unstructured context documents much faster • Using machine learning to speed up the recognition of false positives / true negatives 72 Mario Faria
- 73. Using Big Data for Fraud Management in Healthcare Healthcare Fraud Management using Big Data Analytics, by Trendwise Analytics, http://trendwiseanalytics.com/ 73 Mario Faria
- 74. Going from here 74 Mario Faria
- 75. 75 Mario Faria
- 76. The main drivers for Data/Big Data projects • Make more money • Reduce current costs • Improve efficiency 76 Mario Faria
- 77. What it takes to make Big Data projects drive results • Data – understand what they have and how to be creative when it comes to using internal and external data • Models – focus on developing models that predict and optimize • People – transform their organizations with tools and effective training so that managers can take advantage of Big Data's insights. 77 Mario Faria
- 78. Conclusions 78 Mario Faria
- 79. What Compliance has to understand about Big Data • Big Data projects are happening • Where the data is coming from and where it is heading • Who is using it, how it is being used, why it being used and when it is being used • How it is stored • How/If it is being disposed • Security and privacy and issues 79 Mario Faria
- 80. Data and Compliance Teams should be able able to work together on Data issues related to Governance, Policies, Security and Protection 80 Mario Faria
- 81. What we have seen today • How we got here • The 5 waves of Technology • From BI to Big Data • The Data Life Cycle • The Chief Data Officer / Head of Analytics / Data Scientists • Is Big Data a threat or a tool for Compliance ? • Going from here 81 Mario Faria
- 82. “Business are complex systems, optimizing a single element rarely creates lasting value”- Peter Drucker, the father of modern management 82 Mario Faria
- 83. I have learned how to work with Compliance people. And it did help me, as a data leader, to achieve my goals 83 Mario Faria
- 84. Q&A 84 Mario Faria
- 85. Thank you Mario Faria Data Strategy Advisor http://www.linkedin.com/in/mariofaria/ Founder of the Digital Mad Men www.slideshare.com/fariamario Twitter : @mariofaria fariamario@hotmail.com (425) 628-3517 85 Mario Faria
- 86. Question & Answer Session You can submit questions to our Mario Faria speaker by using the Data Strategy Advisor, Boa Vista “Ask a Question” button on the left side of your screen. Joe McCafferty (Moderator) Executive Editor, Compliance Week www.complianceweek.com (888) 519-9200
- 87. Thank You for Joining Us Feedback You can submit Please send to: info@complianceweek.com questions to our speaker by using the Thanks “Ask a Question” Mario Faria, Data Strategy Advisor, Boa Vista button on the left side of your screen. *CPE Credit *CPE certificates will The CPE test will appear in a separate window on your screen at the be emailed to you separately following conclusion of the Webcast. If you have trouble accessing the test, please completion of the email us at info@complianceweek.com exam www.complianceweek.com (888) 519-9200