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First Data Science Working Group focuses on key topics and challenges


ORX Data Science Working group kicks-off with a first call focusing on future topics and shared challenges

Data science is being used across industries. Our new working group promotes its application to operational risk.

The newly formed ORX Data Science Working Group aims to bring together data science professionals to explore and discuss the use of advanced analytics to solve operational risk problems.

The working group is a brand-new space for ORX members to exchange knowledge and ideas on data science topics. For example, how can financial institutions make effective use of advanced analytics for operational risk management? What cross-department collaboration challenges do they face?

Topics of interest for the Data Science Working Group

ORX hosted its first Data Science Working Group session in Feb 2023, which was joined by over 59 professionals from 39 firms. The session kicked off with the working group’s plans for 2023, followed by ORX presenting their findings from the group’s registration survey, where firms provided the topics that they would like to see.

The top three topics that participants want to focus on in future meetings are:
  1. Data science pipelines to support operational risk - How to collect data, improve the quality of existing data, and how to make use of advanced analytics on operational risk data
  2. The role of operational risk in the data science project life cycle – How to provide input and maintain oversight
  3. Data science pipelines to support the business - How to collect data and how to make use of advanced analytics to support the wider business 

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