Decision Fundamentals: Building Institutional Memory
Blog: Decision Management Community
FICO published an interesting post about Institutional Memory that is critical in operationalizing data-driven decision-making. Unless you intend to rely on “matriarchs” who have been around for 30+ years, you’re going to need a system for this, and the system requires five things:
- 1. Inventory of all decision assets
- 2. Decisions correlated with data
- 3. Record of decision workflow
- 4. Transparency of governance process
- 5. Validation and analysis
The post describes how ANZ, an Australian bank with a complex inventory of 170 decision models across many portfolios and several countries, maintains its institutional memory.
It would be interesting to discuss how this approach correlates with and potentially contributes to the Blockchain promise to build a shared, trusted, public ledger that everyone can inspect.