There are always changes to the regulatory or competitive landscape that create opportunity for those of us lucky enough to work in analytics. On these pages, we highlight and provide links to pages we feel may be of interest to practitioners and decision makers across the analytics industry.
(i) Office of the Australian Information Commissioner
The Privacy Amendment Act 2012 was introduced to Parliament on 23rd May 2012 and was passed with amendments on 29th November 2012. The Privacy Amendment Act includes a set of new, harmonised, privacy principles that will regulate the handling of personal information by both Australian government agencies and businesses.
This is important for the analytics industry for many reasons and a key reason is that it introduces Comprehensive Credit Reporting through changes to credit reporting laws.
(ii) Australasian Retail Credit Association (ARCA)
Formalised in 2006, ARCA is the industry association that has championed for change to credit reporting laws to benefit the industry, ensuring consumers have equitable and fair access to credit.
There are many great articles on credit and decision analytics, from an industry perspective, and several consultation papers highlighting the engagement with privacy law reform.
It is definitely worth subscribing to and reading “The Credit Report” from ARCA.
(iii) Basel Committee on Banking Supervision
Most people who have worked with analytics in the past decade have been touched in some way by Basel, either by building models or managing ratings tools to Advanced Internal Based Approaches. With capital efficiency a prioritise for most, if not all, banking organisations domestically and internationally, skills in these areas are always in demand.
(iv) Analytic Maturity
Connected Analytics believes that most organisations have room to improve their analytic capabilities. This can be described as an organisation’s analytic maturity. There are many different approaches and methodologies in the market to improve analytic maturity. We are interested in how efficiently analytic resources are enhancing business decisions.
Some of the links below may have insight that helps you reflect on your organisation’s analytic maturity. The models are understandably broad but may trigger thinking about what first steps you could take, such as a specific review of analytic capabilities against organisational strategy and the wider analytic environment.
(v) The Productivity Challenge
Taking large volumes of data, playing around with it for a few days / hours / weeks and in the process writing large volumes of un-maintainable code to finally produce some insight. Is this analytics? Moreover, is it the most efficient way to do analytics and create business value? Is it helping us, as an industry, support the wider productivity agenda? Yet, how many teams across the region work in this way.
According to The EY Australian Productivity Pulse, the productivity challenge lies in the hands of the employer.
There is also some interesting research available from the Productivity Commission.