TECHNOLOGY
42 of financial services staff are currently dedicated to risk-related work , while just 15 % are focused on analytics . Although , by 2025 , it anticipates these figures will be closer to 25 % and 40 %, respectively . The integration of AI and data analytics systems in ORM will be responsible for this reversal .
In today ’ s world , data rules the roost , sparking a wave of advanced analytics tools that will become more valuable as more data is shared . Predictive analytics techniques , machine learning , and artificial intelligence can all help to
“ THE IMPACT OF POOR RISK MANAGEMENT CAN BE DEVASTATING FOR FIRMS ”
Robert Rutherford , CEO of IT consultancy , QuoStar
efficiently build large and complex data sets . Working at a faster pace than any human , these solutions can be used to identify discrepancies long before they cause any serious problems .
While AI ’ s capacity for a rational , proactive response is still in the very early stages of development , organisations can already use real-time risk data to advance decision-making by establishing a framework that uses automated processes . For example , banks can now invest in robotic process automation ( RPA ) bots that will continuously scan their internal environment and collect data from predetermined
JANUARY 2020