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At Harnham, we understand the importance of a strong risk team who can develop bespoke strategies and carry out thorough checks. We make it our mission to utilize our vast data and analytics knowledge to deliver a professional and quality experience.

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Why You Should Always Be Learning In Data Science: Tips From Kevin Tran

Last month we sat down with Kevin Tran, a Senior Data Scientist at Stanford University, to chat about Data Science trends, improvements in the industry, and his top tips for success in the market.  As one of LinkedIn’s Top Voices of 2019 within Data & Analytics. his thoughts on the industry regularly garner hundreds of responses, with debates and discussions bubbling up in the comments from colleagues eager to offer their input.  This online reputation has allowed him to make a name for himself, building out his own little corner of the internet with his expertise. But for Tran, it’s never been about popularity. “It’s not about the numbers,” he says without hesitation. “I don’t care about posting things just to see the number of likes go up.” His goal is always connection, to speak with others and learn from them while teaching from his own background. He’s got plenty of stories from his own experiences. For him, sharing is a powerful way to lead others down a path he himself is still discovering.  When asked about the most important lesson he’s learned in the industry, he says it all boils down to staying open to new ideas.  “You have to continue to learn, and you have to learn how to learn. If you stop learning, you’ll become obsolete pretty soon, particularly in Data Science. These technologies are evolving every day. Syntax changes, model frameworks change, and you have to constantly keep yourself updated.”  He believes that one of the best ways to do that is through open discussion. His process is to share in order to help others. When he has a realisation, he wants to set it in front of others to pass along what he’s learned; he wants to see how others react to the same problem, if they agree or see a different angle. It’s vital to consider what you needed to know at that stage. Additionally, this exchange of ideas allows Tran to learn from how others tackle the same problems, as well as get a glimpse into other challenges he may have not yet encountered.  “When I mentor people, I’m still learning, myself,” Tran confesses. “There’s so much out there to learn, you can’t know it all. Data Science is so broad." At the end of the day, it all comes down to helping each other and bringing humanity back to the forefront. In fact, this was his biggest advice for both how to improve the industry and how to succeed in it. It’s a point he comes back to with some regularity in his writing. “It doesn’t matter how smart you are, stay humble and respect everyone,” one post reads. “Everyone can teach you something you don’t know.” Treating people well, understanding their needs, and consciously working to see them as people instead of numbers or titles—this, Tran argues, is how you succeed in the business. To learn and grow, you must work with people, especially people with different skills and mindsets. Navigating your career is not all technical, even in the world of Data. “The thing that cannot be automated is having a heart,” he tells me sagely. Beyond this, Tran stresses the need for a solid foundation. The one thing you can’t afford to do is take shortcuts. You have to learn the practicalities and how to apply them, but to be strong in theory as well.  Understanding what is happening underneath the code will keep you moving forward. He compares knowing the tools to learning math with a calculator. “If you take the calculator away, you still need to be able to do the work. You need the underlying skills too, so that when you’re in a situation without the calculator, you can still provide solutions.” By constantly striving to collaborate and improve, Tran believes the Data industry has the best chance of innovating successfully.  If you’re looking for a new challenge in an innovative and collaborative environment, we may have a role for you. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more. 

William Reichert

William Reichert

19. March 2020

RISK AND REWARD – YOUR RISK ANALYTICS TEAM

Apartment applications. Job applications. Credit card and bank applications. We’re sharing our data today like never before and with the advent of AI and other technological advances, we’re sharing at a more rapid rate. Data breaches and unethical behaviors give us pause before we jot down our most precious information but, ultimately, there’s no stemming the tide. So, who watches out for us, the customer and the company? Enter the Risk Management Team. It All Begins with Perception In May 2018, the General Data Protection Regulation (GDPR) became law across the European Union. Its goal? To place stringent requirements on how business handles customer data. Make no mistake, however, the need and the desire is not EU-specific. It is a matter of trust and security; something customers today demand, for the most part, before signing their information away to be organized, catalogued, and analyzed. Risk teams ensure your data will be used appropriately and ensure processes for future applications.  How do they do this? Risk teams need a cross-pollination of skillsets to help mitigate risk across industries. Often, risk begins in the financial sector, but it can also incorporate project management, data teams, marketing, sales, and Business Intelligence officials. And, with the advances of technology, they may also utilize Artificial Intelligence and Machine Learning to model historical data for future predictions. They must ask the right questions, ensure the right data is used for the right purpose, and validate their findings in a real-world environment. Roles of Risk Though in today’s market, everyone has a part to play, those who are focused on risk and considered part of the Risk Management Team might include the following: Chief Financial Officer (CFO) and Board Members or StakeholdersBusiness Analyst and Data Science OfficerRisk Analyst and Project ManagerStrategy and Predictive ModellerIT Marketing Together, these individuals work to challenge models, data, and decisions on behalf of customers while adhering to the company’s bottom line. Though Big Data and advanced analytics have evolved, the need to understand risks which differ in complexity, type, speed, and size remains. A few questions your Risk team might find itself asking, include: What is the impact of data and how it’s analyzed? Have we invested enough in human capital and technology, and advanced Data Analytics to focus on any potential risk including but not limited to cyber risk?Are our validations timely and appropriate? Who is responsible for decisions made by AI?Do we have the right people in place? The right tools? Are we willing and ready to challenge our data-driven and analytics-related risks?What’s our risk perspective? Do we have a good plan in place? Who will help us put one together and implement it? Ultimately, risk management in any sector, is the integration of people, processes and tools to ensure early identification and solution of risk across the enterprise. Setting the Stage or How to Get Your Risk Management Started Get buy-in from senior leadership and stakeholders as well as their commitment and dedicated participation to manage enterprise-wide risk.Make Risk Management a priority and enforce it throughout its life-cycle.Ensure technical and program management are both represented.Program management and engineering specialties should be communicated to ensure the right information is generated to help mitigate risk.Ensure risk team members, particularly those in program management, identify any concerns such as contracting, funding, costs, risks, and anything which might promote potentially dangerous ramifications if left unchecked. Even before your players are in place, you may want to consider a Risk Management Plan. Your team can help develop the parameters and implement it, but first you need to know what it is you need to watch. The CFO role in the risk team involves knowing who to pull together, what to look for, and to execute any cost-saving measures through a well-thought out plan to mitigate risk.  Four Items to Consider When Creating Your Credit Risk Team As important as technological advances have become to help mitigate risk, a business still needs human capital to analyze AI decisions and offer creative solution. So, the first two items to consider when building your team may seem unusually obvious. But, the second two, may not be so clearly necessary. These included oversight and systems-wide supply chain webs of data which must be carefully tended. TechnologyHuman Capital - Get everyone on board to ensure the program’s support; Assemble the appropriate people to assess the firm’s risks; Educate your team; Set your risk level.Supply Chain - Globalization has made companies’ supply chains more vulnerable than ever. Risk Governance - Conduct a SWOT analysis (Strengths/Weaknesses/Opportunities/Threats) to help engage your company members at every level as subtly work in broader educational efforts. Want to help the 99% have access to funds they need to live the lives they want? We may have a role for you. Take a look at our latest opportunities get in touch with one of our expert consultants to find out more.  For our West Coast Team, call (415) 614 - 4999 or send an email to sanfraninfo@harnham.com.   For our Mid-West and East Coast Teams, call (212) 796 - 6070 or send an email to newyorkinfo@harnham.com. 

Stephanie Brooks

Stephanie Brooks

28. March 2019

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