Data Risk Platform Director

Overview

The role of a Data Risk Platform Director is crucial in managing data governance, risk, and quality within an organization. This position requires a blend of technical expertise, leadership skills, and strategic thinking to effectively oversee data management practices and ensure compliance with regulatory requirements.

Key Responsibilities

1. Data Governance and Risk Management
   • Implement and maintain data governance practices
   • Ensure compliance with regulatory requirements (e.g., BCBS 239)
   • Identify, assess, and mitigate data risks across the organization
   • Embed data management principles into business processes and controls
2. Leadership and Collaboration
   • Lead teams and collaborate with cross-functional groups
   • Build relationships with business partners
   • Provide expert advice on data management risks and controls
3. Data Quality and Management
   • Establish data quality controls and monitor data lineage
   • Report on data quality metrics
   • Oversee data integration and interoperability
   • Drive adoption of data management tools and platforms
4. Strategic and Operational Oversight
   • Drive maturity of data and analytics platforms
   • Develop and implement strategic objectives
   • Manage operational initiatives
   • Ensure alignment with organizational mission and vision

Qualifications and Skills

1. Experience
   • 7-12 years in data management, risk management, or related fields
   • Significant leadership experience
2. Education
   • Bachelor's degree required (Computer Science, Information Management, or related fields)
   • Advanced degrees (MBA, MS/PhD in Information Science) often preferred
3. Technical Skills
   • Proficiency in SQL, NoSQL, cloud data platforms (e.g., Azure)
   • Knowledge of data governance tools (e.g., Collibra)
   • Strong analytical and risk assessment skills
4. Soft Skills
   • Excellent communication and presentation abilities
   • Leadership and influencing skills
   • Negotiation and conflict resolution capabilities

Compensation

Salaries for Data Risk Platform Directors typically range from $179,000 to over $291,000 per year, depending on location and organization. Additional performance-based incentives may be available.

Core Responsibilities

A Data Risk Platform Director plays a pivotal role in ensuring the integrity, security, and effective management of an organization's data assets. The core responsibilities of this position encompass several key areas:

1. Strategic Leadership and Advisory

• Act as a trusted advisor to business partners on data management risks and controls
• Develop and implement data management strategies aligned with organizational goals
• Provide expert guidance on data risk mitigation and management

2. Risk Management and Mitigation

• Identify, assess, and mitigate potential data risks across the organization
• Conduct risk assessments and control validations
• Perform gap assessments and create recommendations for data management practices

3. Data Governance and Stewardship

• Ensure implementation of data governance standards and quality controls
• Oversee data stewardship functions across the organization
• Collaborate on metadata management and data quality management initiatives

4. Operational Oversight

• Manage the development and maintenance of data management tools and controls
• Oversee data systems, including model tuning and optimization
• Ensure proper functioning of data platforms and related technologies

5. Communication and Collaboration

• Effectively communicate with stakeholders at all levels of the organization
• Build and maintain relationships with business units and risk management teams
• Facilitate cross-functional collaboration to implement data management strategies

6. Compliance and Regulatory Awareness

• Ensure compliance with data-related regulatory requirements and industry standards
• Stay informed about current and future regulatory environments
• Perform second-line defense assessments of risk and compliance

7. Team Management and Development

• Lead, manage, and mentor data risk management and governance teams
• Oversee hiring, training, and ongoing staff development
• Foster a culture of continuous learning and improvement

8. Reporting and Performance Measurement

• Prepare and deliver reports to operational leadership and stakeholders
• Develop and maintain metrics to measure the impact of data strategies
• Ensure continual focus on value addition within the organization By effectively executing these core responsibilities, a Data Risk Platform Director plays a crucial role in safeguarding an organization's data assets, ensuring regulatory compliance, and driving data-driven decision-making across the enterprise.

Requirements

To excel as a Data Risk Platform Director, candidates must possess a combination of educational background, professional experience, and specific skills. The following requirements are typical for this senior-level position:

Educational Background

• Bachelor's degree (minimum) in Computer Science, Information Management, or related fields
• Master's degree or Juris Doctor (JD) preferred

Professional Experience

• Minimum 9 years of experience in data governance
• At least 5 years of experience in risk management
• Proven track record in leadership roles within data-centric environments

Technical Skills and Knowledge

• Strong understanding of risk frameworks and control environments
• In-depth knowledge of data management requirements and best practices
• Proficiency in data management tools and platforms
• Familiarity with cloud computing environments (e.g., Azure, AWS)
• Understanding of regulatory compliance requirements (e.g., GDPR, CCPA)

Analytical and Strategic Abilities

• Advanced analytical and problem-solving skills
• Strategic thinking and ability to align data initiatives with business objectives
• Expertise in conducting risk assessments and utilizing data management metrics
• Capability to derive actionable insights from complex data sets

Leadership and Communication

• Strong leadership skills with experience managing cross-functional teams
• Excellent communication abilities, both written and verbal
• Proven ability to influence senior business leaders
• Skill in building and maintaining relationships with stakeholders at all levels

Specific Responsibilities

• Oversee data asset owners and stewards across the enterprise
• Perform gap assessments and create recommendations for data management practices
• Act as a trusted advisor on data management risk and mitigation
• Collaborate with various stakeholders in data governance and stewardship
• Manage projects and team members in a matrix-style environment

Additional Requirements

• Understanding of the impact of data risks on critical business processes
• Ability to articulate data management risks and mitigation progress
• Experience in second-line defense functions within risk organizations
• Adaptability to evolving regulatory landscapes and technological advancements Candidates meeting these requirements will be well-positioned to lead data risk management initiatives, drive organizational change, and ensure the integrity and security of an organization's data assets in an increasingly complex digital landscape.

Career Development

Data Risk Platform Directors can expect a challenging and rewarding career path in the rapidly evolving field of enterprise data risk management. This section outlines the typical progression, responsibilities, and qualifications for director-level positions in this domain.

Career Progression

The career path in Enterprise Data Risk Management (EDRM) typically follows this progression:

1. Coordinator → Senior Coordinator → Principal Coordinator
2. Associate → Senior Associate → Principal Associate
3. Manager → Senior Manager → Director → Senior Director → VP

Director Responsibilities

• Apply analytical and process management skills to support data management strategies
• Collaborate with stakeholders to drive transformation and reduce data risk
• Provide expert advice on data management risks and controls
• Conduct risk assessments and control validations
• Perform gap assessments and recommend data management transformations
• Oversee metadata management, data quality, and data stewardship functions

Senior Director Responsibilities

• Oversee enterprise-wide data risk management practices
• Develop and support best-in-class data risk solutions
• Provide oversight to data asset owners and stewards
• Influence business stakeholders to embed data management principles
• Conduct high-level risk assessments and utilize metrics to influence senior leaders
• Collaborate on advanced data governance and stewardship functions

Qualifications

Director Level

• Bachelor's degree or equivalent military experience
• 7+ years in data management, risk identification, or regulatory compliance
• Strong analytical and communication skills

Senior Director Level

• Bachelor's degree (Master's preferred)
• 9+ years in data governance
• 5+ years in risk management
• Advanced strategic thinking and stakeholder management skills

Key Skills for Both Roles

• Deep understanding of risk frameworks and control environments
• Excellent verbal and written communication
• Ability to influence and collaborate across various stakeholders
• Strong analytical and organizational skills

Compensation

• Director salary range: $234,000 - $291,300
• Senior Director salary range: $234,000 - $286,000
• Additional benefits include performance-based incentives and comprehensive health plans Advancing to these roles requires a strong background in data governance, risk management, and the ability to drive organizational change. As the field evolves, continuous learning and adaptation to new technologies and regulations are essential for success.

Market Demand

The demand for Data Risk Platform Directors and similar roles in data risk management is robust and growing, driven by several key factors in the current business landscape.

Driving Factors

1. Escalating Cyber Threats: The increasing sophistication and frequency of cyber attacks have made data protection a top priority for organizations.
2. Regulatory Compliance: Stringent data privacy regulations like GDPR and CCPA require specialized knowledge and management.
3. Data Explosion: The exponential growth of data from various sources necessitates robust governance and risk management strategies.
4. Digital Transformation: As businesses digitize operations, the need for managing associated data risks increases.

Market Growth

• The global digital risk protection market is projected to grow at a CAGR of 19.6% from 2023 to 2028.
• This growth is fueled by the adoption of cloud services, AI, and other innovative technologies in risk management.

Key Responsibilities in Demand

1. Developing and implementing data risk identification and mitigation solutions
2. Providing data risk advisory services across the enterprise
3. Ensuring compliance with complex regulatory requirements
4. Leading data governance initiatives and improving operational data quality
5. Collaborating with stakeholders to resolve data quality issues and ensure accurate risk reporting

Industry Trends

• AI and Machine Learning: Increasing use in predictive risk analytics and automated threat detection.
• Cloud-based Solutions: Growing adoption for scalable and flexible risk management platforms.
• Integration of Risk Management: Trend towards holistic approaches that integrate various risk types.

Skills in High Demand

1. Advanced data analytics and interpretation
2. Regulatory knowledge and compliance expertise
3. Strategic thinking and problem-solving abilities
4. Strong communication and stakeholder management skills
5. Proficiency in emerging technologies and risk management tools The combination of increasing data-related risks, regulatory pressures, and technological advancements ensures a strong and growing demand for skilled professionals in data risk management leadership roles. Organizations across various sectors are prioritizing these positions to safeguard their data assets and maintain competitive advantage in the digital age.

Salary Ranges (US Market, 2024)

Data Risk Platform Directors and similar roles command competitive salaries due to the critical nature of their responsibilities and the high demand for their expertise. Here's an overview of salary ranges for director-level positions in data risk management:

Director of Risk

• Average Annual Salary: $272,000
• Salary Range: $216,000 - $399,000
• Top 10% Earners: Over $376,000
• Top 1% Earners: Over $399,000

Director of Risk Analytics

• Average Annual Salary: Approximately $195,077
• Typical Range: $172,012 - $221,461

Senior Director - Enterprise Data Risk Management

Salary ranges vary by location:

• McLean, VA: $234,000 - $267,100
• New York, NY: $255,300 - $291,300
• Anytown, DE, Plano, TX, Richmond, VA: $250,600 - $286,000

Factors Influencing Salary

1. Geographic Location: Major tech hubs and financial centers typically offer higher salaries.
2. Industry: Financial services and technology sectors often provide more competitive compensation.
3. Company Size: Larger corporations generally offer higher salaries than smaller firms.
4. Experience Level: Years of experience and track record significantly impact earning potential.
5. Education: Advanced degrees or specialized certifications can command higher salaries.
6. Specific Responsibilities: Roles with broader scope or higher-risk management tend to pay more.

Additional Compensation

• Performance-Based Bonuses: Many organizations offer substantial bonuses based on individual and company performance.
• Stock Options: Especially common in tech companies and startups.
• Benefits Package: Comprehensive health insurance, retirement plans, and other perks can significantly enhance total compensation.

Career Progression and Salary Growth

• Entry-level managers in data risk might start around $100,000 - $150,000.
• With experience and progression to director roles, salaries can increase significantly.
• C-suite positions (e.g., Chief Risk Officer) can command salaries well over $500,000 in large organizations. The salary ranges provided indicate that director and senior director roles in data risk management are well-compensated, reflecting the critical nature of these positions in today's data-driven business environment. As the field continues to evolve and demand grows, these salary ranges are likely to remain competitive or even increase.

Industry Trends

The role of a Data Risk Platform Director is continuously evolving due to several key industry trends:

1. Increasing Regulatory Complexity: The growing number of data protection regulations (e.g., GDPR, CCPA) necessitates robust data governance frameworks to ensure compliance and avoid penalties.
2. Emerging Technology Integration: AI, machine learning, blockchain, and cloud computing are being integrated into data governance platforms, enhancing automation and real-time monitoring capabilities.
3. Growing Demand for Risk Management Solutions: The risk management market is expanding, driven by the need to address compliance, financial, security, operational, and strategic risks.
4. AI and ML in Risk Management: These technologies are becoming crucial for risk identification, prediction, and mitigation, including fraud detection and sensitive data classification.
5. Interconnected Risks in Global Supply Chains: Data Risk Platform Directors must consider the ripple effects of local risks on entire supply chains.
6. Evolution of GRC Platforms: Traditional Governance, Risk, and Compliance platforms are being redefined to be more integrated, automated, and contextually aware.
7. Cloud vs. On-Premise Solutions: While cloud-based solutions are gaining popularity, on-premise solutions remain significant for organizations requiring greater data control.
8. Enhanced Risk Monitoring and Reporting: There's an increased demand for tools providing contextualized, real-time risk insights to various stakeholders.
9. Cybersecurity Skill Gaps: The growing workload of data security specialists is being partially addressed by AI and ML solutions, but training and skill development remain crucial. These trends underscore the need for Data Risk Platform Directors to stay abreast of technological advancements, implement comprehensive risk management strategies, and maintain a deep understanding of regulatory requirements.

Essential Soft Skills

A successful Data Risk Platform Director must possess a blend of technical expertise and soft skills. Key soft skills include:

1. Communication: Ability to clearly express complex risk assessments and data insights to various stakeholders, adapting communication styles for different audiences.
2. Leadership: Guiding and motivating teams, making strategic decisions, and fostering a risk-aware culture within the organization.
3. Analytical Thinking: Critical thinking and problem-solving skills for interpreting data, identifying patterns, and making informed decisions.
4. Relationship Management: Building and maintaining strong relationships with clients, stakeholders, and team members to effectively identify and mitigate risks.
5. Negotiation: Reaching agreements, managing conflicts, and agreeing on risk mitigation strategies.
6. Collaboration: Working effectively with diverse teams and across departments to achieve common goals and manage projects.
7. Emotional Intelligence: Understanding and managing one's own emotions and those of others, crucial for interpersonal relationships and stress management.
8. Strategic Thinking: Ability to see the big picture and understand how risks affect the business as a whole.
9. Adaptability: Flexibility to respond to changing environments, new trends, and regulatory changes in the dynamic field of risk management.
10. Financial Acumen: Understanding the financial implications of risks to make informed decisions and implement effective mitigation strategies. Developing these soft skills alongside technical expertise enables a Data Risk Platform Director to effectively manage risks, lead teams, communicate complex information, and navigate the evolving landscape of data risk management.

Best Practices

To effectively manage data risks, Data Risk Platform Directors should implement the following best practices:

1. Establish a Comprehensive Framework: Develop an organization-wide data risk management framework defining objectives, risk tolerance levels, and safeguards for data assets.
2. Conduct Thorough Risk Assessments: Regularly perform comprehensive risk assessments to identify potential data risks, analyzing the data landscape and evaluating existing security measures.
3. Implement Robust Access Controls: Establish strong access controls using role-based access and multi-factor authentication, following the principle of least privilege.
4. Encrypt Sensitive Data: Implement encryption for sensitive data both at rest and in transit to protect against unauthorized access.
5. Develop and Maintain Incident Response Plans: Create and regularly update plans for data breaches and security incidents, covering risk avoidance, mitigation, transference, and acceptance.
6. Continuous Monitoring and Updating: Regularly review and update risk mitigation strategies to defend against new threats and vulnerabilities.
7. Employee Training and Education: Provide ongoing training on data security best practices, compliance implications, and regulatory frameworks.
8. Implement Data Governance and Compliance: Define governance policies, ensure data quality, and conduct Data Protection Impact Assessments as needed.
9. Utilize Automated Tools: Streamline data risk management workflows using automated tools for data classification, monitoring, and security protocol enforcement.
10. Regular Testing and Reassessment: Conduct vulnerability scans, penetration testing, and security audits to identify and address gaps in existing controls.
11. Foster a Culture of Data Risk Management: Ensure data risk management is a strategic priority with executive sponsorship and clear accountability. By implementing these best practices, Data Risk Platform Directors can effectively mitigate data risks, ensure regulatory compliance, and maintain a robust data security posture.

Common Challenges

Data Risk Platform Directors face several common challenges in managing data risks:

1. Lack of Data Governance: Establishing clear policies and standards to ensure data accuracy, consistency, and completeness across the organization.
2. Integration with Legacy Systems: Complexities in integrating modern data management tools with outdated legacy systems.
3. Data Silos: Overcoming departmental isolation that hinders collaboration and creates inconsistencies in data management.
4. Resistance to Change: Managing cultural shifts and securing executive support for new data risk initiatives.
5. Data Security and Privacy: Implementing robust measures to protect against cyberattacks and data breaches while ensuring regulatory compliance.
6. Data Consistency and Quality: Maintaining data integrity across different systems and establishing protocols to prevent discrepancies.
7. Third-Party Risks: Managing the potential risks associated with vendors who have access to sensitive data.
8. Data Literacy: Addressing the lack of data understanding among employees through training and education.
9. Resource Constraints: Optimizing limited budgets and resources for effective data governance and risk management.
10. Regulatory Compliance: Navigating complex and evolving regulations such as GDPR, CCPA, and HIPAA.
11. Balancing Centralization and Decentralization: Finding the right approach to data management that suits the organization's structure and needs.
12. Measuring ROI: Establishing KPIs and metrics to justify investments in data management initiatives. Addressing these challenges requires a strategic approach, continuous learning, and the ability to adapt to the evolving data risk landscape. Data Risk Platform Directors must stay informed about emerging technologies and best practices to effectively mitigate these challenges and protect their organization's data assets.