2019 | OriginalPaper | Buchkapitel
Big Data Innovation and the Application of Systems Thinking and Standards for Business Resiliency in the Banking Sector
Autoren: Caroline Jean Herron, Nic Cloete-Hopkins
Abstract
Business resiliency in the financial services industry has become critically important with more data and information required to support decision making in real time using predictive modelling and analytics underpinned with artificial intelligence and machine learning. The application of Systems Thinking to Business Continuity Management systems using Big Data as an asset can significantly enhance the responsiveness of banks to realise a full stack business model that is resilient enough to survive in future industrial revolutions.
Through the successful implementation and operation of a Business Continuity System underpinned by managed data and information, banks can not only meet regulatory obligations, but can also gain significant advantage through a coordinated response to disruption in the industry.
Systems thinking and the adoption of the ISO15288 provides a framework by which banks can achieve a competitive business model with sound processes and operating practices. This paper will provide a Big Data Systems Framework for a Business Continuity System in the context of financial services that can be used in conjunction with the ISO22301 Good Practice Guide.