Risk Management is growing in importance for all companies interested in survival. It has particular relevance to the financial industries, where risk is at the heart of every investment strategy, and is the basis of insurance. For other industries, calculating risk and prioritizing options is at the heart of resilience, both within financial and operations areas. It is also tied up with regulatory risk in Governance, Risk and Compliance (GRC).
As a calculation, Risk would seem an early candidate for AI and Big Data approaches. It has lagged, however, partly due to inherent conservatism, and partly due to broader questions of prediction that might require an Artificial General Intelligence. There are a lot of niche possibilities in this area, such as fraud detection and portfolio management, and interest seems destined to grow. Risks are growing, regulations are becoming more complex, and data is exploding. Companies need better risk management to improve resilience, and the financial industry would benefit in innumerable ways.
We have assembled a small set of videos on this subject, all with the standard YouTube license, and with descriptions from their landing pages.
Why Automate GRC Management Systems? (360factors)
Published on Oct 26, 2016
Governance, Risk and Compliance (GRC) software based on artificial intelligence technology automates the compliance functions.
2016-2017 AI trends in Financial Services (Jose Allan Tan)
Published on Jun 13, 2016
Baker & McKenzie partner, Astrid Raetze, believes that financial institutions are looking at the various applications of artificial intelligence from risk management to credit assessment. AI can process an enormous amount of data very quickly. This will enable financial institutions to improve efficiency and customer service.
Applying Robotic Process Automation (RPA) in Finance and Risk (Accenture)
Published on Oct 12, 2016
Accenture Finance & Risk Practice is helping our financial services clients better manage the onslaught of data and regulations with the use of robotic process automation (RPA). Robots can drive cost, time and accuracy efficiency and work 24/7 around key tasks such as anti-money laundering and order-to-cash. Ultimately, this frees up valuable employees to focus on higher value work that only humans can do.
Intelligent Automation for Risk Management, Fraud Prevention, and Security Compliance (Cloud Raxak)
Published on Dec 19, 2016
July 2016 Webinar: Cloud Raxak, Gartner Cool Vendor in IT Automation, hosted a panel discussion on how intelligent automation is enabling regulated industries like financial services to leverage the cloud, while effectively managing risk, fighting digital fraud and money laundering, and maintaining security compliance.
Former executives from Bank of America, JP Morgan Chase, Silicon Valley Bank, and the Canadian Imperial Bank of Commerce provided insights on:
— Banking and finance industry regulatory compliance and fraud management challenges.
— How analytics and machine learning can streamline fraud risk management.
— How automation can reduce the cost and complexity of security compliance.