Stakeholder insights: challenges organizations face
Being knowledgeable about various stakeholders is of crucial importance in today’s business environment. However, for many businesses, this may be challenging. In this blog, we describe some of the challenges businesses may face.
Regulations for onboarding and monitoring
Companies in regulated industries, such as financial services, are now under a variety of regulatory obligations related to their use of data. All firms must be able to show that they are in control of their data – and that they can explain how and why it’s being used to help make decisions. This is particularly important during onboarding, when companies need to verify whether clients or businesses are acceptable partners, and as part of ongoing monitoring processes to check that appropriate standards are being met.
However, it’s not just regulatory bodies that companies need to consider. Firms across different industries are also under increasing societal pressure and subject to ever-more demanding expectations. With the rise of social media, it’s never been easier for consumers to call out companies that aren’t behaving with integrity – and therefore inflict serious reputational damage.
As it stands, many companies remain limited by workflows that are barely data-driven at all. They might employ analysts or compliance professionals who have the unenviable task of scouring the internet for relevant information on potential partners. For example, they might be looking for news articles that suggest the company or client in question has been accused of some kind of wrongdoing.
However, this is an entirely manual process – akin to searching for a needle in a haystack. Analysts will need to search for the material, read it, and try to extract value judgments from it all by themselves. Furthermore, once the analyst has made their assessment, they’ll have to send it to their manager for validation, who will also have to read all the material, before reporting to the board. This severely limits the amount of underlying content that can be used to contribute to the overall analysis – and potentially creates an incomplete picture. All in all, manual processes are often tedious, time-consuming, and more prone to human-error.
The necessity of a robust and comprehensive scoring framework
Considering the challenges described above, it’s essential that (risk) analysts devise a robust and comprehensive scoring framework suitable for their specific firm – one that allows them to transform diverse datasets into easily interpretable measurements by which their partners can be quickly and fairly assessed. Although this can seem a daunting task, NLP technology is able to help.
Do you want to know how Owlins NLP technology helps organizations gain insight into their stakeholder environment? Check our blog ‘Creating a risk scoring framework leveraging NLP.’
Questions? Contact us!
Owlin helps companies structure news and integrate risk insights into daily workflows. We would be delighted to tell you more about how Owlin can help your business!