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Why Digital Trust and Data Resilience Really Matter
MF Digital with Olivia Loadwick
May 30, 2023 @ 5:30 pm - 6:45 pmFree – $25.00
The acceleration of digitisation, the broad-based use of data and increasing application of AI are driving a change in consumer outcomes but also expectations and risk. While the risk of data breaches, often coinciding with a cyber-attack, are on the rise, the value of “Digital Trust” is also on the rise.
Research from McKinsey & Co. on Digital Trust found that trusted brands have outperformed untrusted brands ~245 percentage points over the last 5 years, based on cumulative stock market returns of brands since 2017. Trusted brands have also been found to be more resilient, showing resilience in sell-off periods and recovering more quickly from inevitable digital risk impacts including breaches. Digital Trust leaders have also been found to be almost 2.0 times more likely than the global average to see revenue and EBIT growth rates of at least 10%. Meanwhile customers also value companies that tread cautiously in managing digital risk. More than half of customers surveyed as part of McKinsey & Co.’s research said they often or always make purchases from companies only after ensuring the company has a reputation for being trustworthy with customer data.
What is it that Digital Trust leaders do differently?
The practices required to increase Digital Trust focus on addressing digital and analytic risk across AI/ML & analytics, data, technology & cloud, and risk capabilities & culture. So, what are ‘trusted’ companies doing differently? They are actively managing a broader set of Digital Trust related risks and they are doing it more systematically. In their AI models, they have policies and practices in place to manage AI explainability and bias. They have a control environment which is robust in detecting potential cybersecurity risks. On data, they know what data they are collecting, they have clear data lineage and governance in place. They actively seek to improve data quality. They are actively purging sensitive data when it is no longer needed or in use. They have detective mechanisms in place to know when there has been misuse or a breach. And they are actively managing digital and tech talent risk well, to make sure they have the right people in the right roles to support good digital risk management.
We are privileged that Olivia Loadwick, a partner at McKinsey’s Sydney office, will guide this conversation for Melbourne Forum.
Olivia is a leader in the firm’s Financial Services and Risk & Resilience Practices in Australia and New Zealand, and a member of McKinsey’s Asia–Pacific sustainability-leadership group. She brings more than 15 years of experience serving financial-services companies, regulators, and other public institutions on strategy, M&A, risk, and transformation. Olivia leads McKinsey’s work in Asia on digital risk management, focussed on Digital Trust. Prior to her current role she advised public sector and private sector organisations on capital management, mergers and acquisitions and divestments. Olivia has significant experience in international markets having lived and worked in China, South Korea, North America, the Middle East, Europe, New Zealand and Australia. Olivia has been awarded in the Westpac/Australian Financial Review 100 Women of Influence Awards. She has also served as a representative to the B20 Leaders’ Summit. She is a University medal awardee and valedictorian for both her undergraduate and postgraduate degrees.
Engaging in this highly interesting conversation will help us learn about these important practices.
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