As football fans across the world are well aware, “Tiki-Taka” is a style of play popularised by FC Barcelona and the Spanish national team. Despite the latter’s shock exit from the World Cup, the formula has won many plaudits in recent years, as it is characterised by speed, accuracy and control.
The even faster version of Tiki-Taka, played by Germany and Netherlands, is visually stunning. But could a Tiki-Taka approach also help the risk managers of tomorrow in the Middle East achieve their goals?
They may be operating in very different fields, but it is in the interest of both football players and risk managers to ‘stay on the ball’. Players do this quite literally, keeping the football as much as possible within their team — and passing it quickly between themselves as they change their designated positions. When it comes to risk management, the ball in question is risk data and players’ positions become types of risk.
Just as their soccer-playing counterparts are in almost constant possession of the ball, Tiki-Taka risk managers will rarely need to look far for their data or collect it themselves. With access to risk data almost a given, they are free to concentrate on the most skilful aspect of their game: risk analysis.
The flow of risk data should always be in motion, enabling smooth-running processes and real-time analysis. But it must be under control too — even in times of crisis. In the same way that Tiki-Taka players often switch positions, risk managers must also be able to work with data from different departments, navigating across multiple information sources and associated risk silos.
Their performance can inspire spectators, whether executive boards or auditors. And in the form of regulatory bodies they even have their own referees: authorised to interrupt the game, with decisions that can’t be disputed.
Speaking of regulators, possibly the purest expression of Tiki-Taka risk management can be found in the Basel Committee’s ‘Principles for Effective Risk Data Aggregation and Risk Reporting’ (better known as BCBS 239). BCBS 239, as triggered by the Financial Stability board, is a global initiative and thus also directly impacts the Middle East.
As well as insisting on the control, availability and accuracy that defines a Tiki-Taka approach to data, BCBS 239 will — in another footballing parallel — require a major investment by financial industry organisations. For instance, the Bundesbank has already implied the necessity of a nine-figure outlay, rivalling even the biggest transfer fees.
Ultimately, the Tiki-Taka approach, whether on or off the pitch, is about far more than expenditure, however significant. It is, quite simply, a superior method and has been proven to reap results.
The pioneers of Tiki-Taka have come unstuck recently and those who refined these tactics are now leading the pack. It is another example of how the game, be it football or risk management, evolves — to the delight of players, spectators and referees alike.
The writer is regional manager at SunGard, a financial solutions provider.
