The MIT Forum for Supply Chain Innovation announced recently the formation with Infosys of the Global Risk Advisory Group to help industry identify, quantify, and mitigate operational, financial, supply chain, and cyber risks using analytics and data science. The group combines MIT Professor David Simchi-Levi’s research with Infosys’ industry expertise.
This week, as part of its research, the group released the 2015 Global Risk Maturity Survey, specifically to the financial services, insurance, manufacturing, and retail industries. The objective of the survey is to determine if industry believes that risk is increasing in the face of the digital economy and if so, what risks are increasing. Further, the survey will determine, by industry, which risk types are most concerning, how companies currently monitor risk in their enterprise, and how they see analytics and data science as part of their future strategy to address risk and achieve a competitive advantage.
“Rapid advances in computing, data science techniques, and algorithms are helping companies mitigate risks and achieve competitive advantage,” says MIT professor of civil and environmental engineering David Simchi-Levi, who is head of the MIT Forum for Supply Chain Innovation and Infosys Global Risk Advisory Group. “This survey will help us better understand how industry perceives risk and their biggest challenges so that we can apply this information in the MIT Forum and Infosys Global Risk Advisory Group and our research.”
Enterprise data, across the entire value chain of a company, are an invaluable resource that often go untapped. These data can be leveraged, using analytics and data science, to expose risk and help focus mitigation strategies and resources where the company is most vulnerable.
“Through the creation of the Global Risk Advisory Group, we aim to help industries monitor and mitigate risks using analytics and data science,” says Ravi Kumar, co-head of the Global Risk Advisory Group and executive vice president of Infosys. “This survey is aimed at identifying risks that will support research, as well as observing the way analytics and data science are steadily being included in the strategic mission of organizations. The findings will also contribute towards the development of highly contextual solutions that can be used to address industry specific challenges.”
To take the 2015 Global Risk Maturity Survey please click here.
To join the Global Risk Advisory Group, please contact Leslie Sheppard.