IDRBT Chief Analytics Officers Forum
Analytics has taken significant strides in the Indian Banking and Financial Sector by creating huge business potential yet it is posing several critical challenges in terms of implementation. In order to address the common problems identified in implementing advanced banking technologies by leveraging Analytics, the Institute launched the Chief Analytics Officers (CAO) Forum on November 16, 2016.
The CAO Forum has Working Groups on Data Governance, Business Process Reengineering for Analytics, Risk Analytics, Fraud Analytics, Credit Recovery Analytics, Security Analytics, Operational Analytics, as well as HR Analytics. The focal areas of the CAO Forum includes Data Quality, Data Governance, Audit Analytics, Infrastructure Analytics, Cost Analytics, etc., apart from publishing Standards and Frameworks in these areas for the Banking and Financial Sector.
The CAO Forum meets at least once every six months and the latest meeting of the CAO Forum was held on February 24, 2022. The meeting started with Prof. V. Ravi, IDRBT, briefing the participants about the important projects taken up by the Institute in the area of Analytics. Thereafter, Prof. Arnab Laha from IIM, Ahmedabad, addressed the Forum. He focused attention on the importance of disruptions created by the AI revolution in particular in the banking industry, importance of adopting AI techniques in the financial service sector i.e., Banking, Insurance, Capital Markets, Tax/Audit and explained how AI helps in improving decision making, automates knowledge extraction, improves logical reasoning and interactivity, etc., and urged bankers to leverage descriptive analytics better.