DataRobot Blog

MAY 10, 2022

Addressing the Key Mandates of a Modern Model Risk Management Framework (MRM) When Leveraging Machine Learning . The regulatory guidance presented in these documents laid the foundation for evaluating and managing model risk for financial institutions across the United States. To reference SR 11-7: .

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Smart Data Collective

APRIL 19, 2021

But in most instances, the real risk comes from within. From conversing on personal devices (BYODs) to sending documents to the wrong recipient, or using unsecured applications for transfers, the risk for potential leaks is high. Around 66% of all data leaks are caused by employees making mistakes with digital records.

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CIO Business Intelligence

NOVEMBER 21, 2023

Ask IT leaders about their challenges with shadow IT, and most will cite the kinds of security, operational, and integration risks that give shadow IT its bad rep. That’s not to downplay the inherent risks of shadow IT.

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DataRobot Blog

JUNE 27, 2022

If the assumptions are being breached due to fundamental changes in the process being modeled, the deployed system is not likely to serve its intended purpose, thereby creating further model risk that the institution must manage. Model Benchmarking.

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CIO Business Intelligence

DECEMBER 19, 2023

Create these six generative AI workstreams CIOs should document their AI strategy for delivering short-term productivity improvements while planning visionary impacts. These workstreams require documenting a vision, assigning leaders, and empowering teams to experiment.

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Domino Data Lab

JULY 14, 2022

Rather, AI and ML models need to be monitored for validity, and often, they also need to be re-explained and re-documented for regulators. The financial services industries are starting to realize the full import of the fact that, like household chores like dishwashing and garden work, ML models are never really done.

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Smart Data Collective

SEPTEMBER 17, 2020

Some prominent banking institutions have gone the extra mile and introduced software to analyze every document while recording any crucial information that these documents may carry. Here are a few of the advantages of Big Data in the banking and financial industry: Improvement in risk management operations.

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IBM Big Data Hub

OCTOBER 30, 2023

In July 2023, the Securities and Exchange Commission (SEC) voted to adopt new cybersecurity rules and requirements for all market entities to address risks. Within the last decade, cybersecurity breaches have been on the rise as one of the biggest risks for companies of all industries and verticals. million, representing a 15.3%

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CIO Business Intelligence

APRIL 14, 2023

But just like other emerging technologies, it doesn’t come without significant risks and challenges. According to a recent Salesforce survey of senior IT leaders , 79% of respondents believe the technology has the potential to be a security risk, 73% are concerned it could be biased, and 59% believe its outputs are inaccurate.

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CIO Business Intelligence

NOVEMBER 3, 2023

“When in the thick of running a complex RFP, we might ask what combinations of suppliers give the best savings and lowest risk,” says Blake. Automation elevates risk management, opportunity identification and effective relationship management. By automating repetitive tasks, difficult problems get more attention, too.

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erwin

MARCH 25, 2021

Risk Management and Regulatory Compliance. Risk management, specifically around regulatory compliance, is an important use case to demonstrate the true value of data governance. According to Pörschmann, risk management asks two main questions. How likely is a specific event to happen? “You

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IBM Big Data Hub

FEBRUARY 13, 2024

For example, organizations can use generative AI to: Quickly turn mountains of unstructured text into specific and usable document summaries, paving the way for more informed decision-making. Generative AI proves highly useful in rapidly creating various types of documentation required by coders. Automate tedious, repetitive tasks.

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CIO Business Intelligence

JANUARY 19, 2024

“It’s a key issue that needs attention, and a CIO can and should set the tone and practices for effective stakeholder management,” says Brett Tucker, an adjunct professor of cyber risk management at Carnegie Mellon University’s Heinz College.

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IBM Big Data Hub

APRIL 4, 2024

Lots of innovation is happening, with new technologies emerging in areas such as data and AI, payments, cybersecurity and risk management, to name a few. A third-party risk management review, where the ISV needs to describe how it is complying to required controls. Most of these new technologies are born-in-cloud.

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erwin

SEPTEMBER 3, 2020

It documents your data assets from end to end for business understanding and clear data lineage with traceability. Data governance and EA also provide many of the same benefits of enterprise architecture or business process modeling projects: reducing risk, optimizing operations, and increasing the use of trusted data.

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John Wheeler

OCTOBER 20, 2020

We continue our “20 for 20” theme this year by highlighting the integrated risk management (IRM) critical capabilities and top 20 software functions / features. These five capabilities support both integrated view of strategic, operational and technology risk as well as the related business outcomes, processes and assets.

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CIO Business Intelligence

AUGUST 30, 2023

In my previous column in May, when I wrote about generative AI uses and the cybersecurity risks they could pose , CISOs noted that their organizations hadn’t deployed many (if any) generative AI-based solutions at scale. Today, it is, as they create a mysterious new risk and attack surface to defend against.

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CIO Business Intelligence

SEPTEMBER 7, 2023

Additionally, related issues during use are risk of hallucinations and prompt engineering. Additionally, it’s paramount within the financial services sector to ensure responsible AI and adherence to regulatory guidance for model risk. Keeping our AI approach interpretable and managing bias becomes crucial.

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Risk Management Risk Testing Digital Transformation 98

O'Reilly on Data

MAY 18, 2020

This article answers these questions, based on our combined experience as both a lawyer and a data scientist responding to cybersecurity incidents, crafting legal frameworks to manage the risks of AI, and building sophisticated interpretable models to mitigate risk. 4 But is it too broad to be useful? How Material Is the Threat?

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IBM Big Data Hub

OCTOBER 4, 2022

Today, AI presents an enormous opportunity to turn data into insights and actions, to amplify human capabilities, decrease risk and increase ROI by achieving break through innovations. Manual processes that introduce risk and make it hard to scale. Challenges around managing risk. It is an imperative.

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DataRobot Blog

APRIL 11, 2022

However, it is also intrinsically human to have cognitive biases that interfere with our ability to develop theory of mind and our ability to assess risk and the consequences of decisions. An AI impact assessment will carefully document the harms for each stakeholder. Imperfection. Conclusion.

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bridgei2i

APRIL 23, 2020

The banking sector globally is definitely going to see impact, some more grave than the others and most of them are announcing short to mid term measure both from a customer and business risk mitigation standpoint. Europe is in worse shape than America, with banks in UK, Italy and Germany in the risk of being in red.

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CIO Business Intelligence

OCTOBER 3, 2023

They enable greater efficiency and accuracy and error reduction, better decision making, better compliance and risk management, process optimisation and greater agility. Intelligent document processing: uses artificial intelligence and machine learning techniques to automate the processing of documents and unstructured data.

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IBM Big Data Hub

DECEMBER 4, 2023

The most common insurance use cases include optimizing processes that require processing large documents and large blocks of text or images. Customer engagement Providing insurance coverage involves working with numerous documents. IBM works with several insurance companies to identify high-value opportunities for using generative AI.

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Smart Data Collective

SEPTEMBER 7, 2021

Properly safeguard physical documents. You and your employees should treat sensitive paper documents with the same level of attention as you treat your online transactions. If the record has served its purpose in your office, keeping it around might be an unnecessary security risk. Ensure you encrypt your data.

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CIO Business Intelligence

JULY 6, 2023

From 1 January 2024, the provisions relating to supplier risk management will also apply to companies with more than 1,000 employees. Through an extensive risk analysis , the business partner portfolio is gradually stratified and high-risk business partners are identified for full SCDDA compliance.

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CIO Business Intelligence

JANUARY 24, 2024

“Our analytics capabilities identify potentially unsafe conditions so we can manage projects more safely and mitigate risks.” We’re piloting a way to do automated payments to subcontractors based on work in place that’s been identified with photo and video documentation,” Higgins-Carter says. Hire the right architects.

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CIO Business Intelligence

JUNE 8, 2023

The demand for project managers has grown, with salaries for this role increasing by 15.6% Key skills for the role include resource allocation, risk and change management, quality assurance, communication, and leadership and team building. percent since 2021, according to Dice.

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IT Digital Transformation Software Risk 140

erwin

AUGUST 20, 2020

As a practice, EA involves the documentation, analysis, design and implementation of an organization’s assets and structure. With an enterprise architecture management suite (EAMS) , an organization can define and document its structure to more effectively determine how to achieve its goals. Reduced risks and costs.

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Enterprise Cost-Benefit Risk Data Governance 140

erwin

OCTOBER 17, 2019

it ensures not only access to proper documentation but also current, updated information. The Regulatory Rationale for Integrating Data Management & Data Governance. Data security/risk management. In an M&A scenario, businesses need to ensure their systems are fully documented and rationalized.

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Enterprise Digital Transformation Data Governance Risk Management 106

Cloudera

AUGUST 12, 2021

In a 2021 white paper titled “Data Excellence: Transforming manufacturing and supply systems“ written by the World Economic Forum and the Boston Consulting Group, it documented that 75% of executives interviewed believed that advanced analytics in manufacturing was more important today than three years ago. Risk Management.

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IBM Big Data Hub

JANUARY 29, 2024

Business continuity and disaster recovery plans are risk management strategies that businesses rely on to prepare for unexpected incidents. When deployed effectively, a good DR plan can help stakeholders better understand the risks to regular business functions that a particular threat may pose.

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John Wheeler

JUNE 29, 2018

The same can occur for integrated risk management (IRM) technology customers. At the same time, IRM technology must ensure the objectives remain in alignment with the risk management goals of key stakeholders such as the board of directors, senior executives, regulators and investors. Vendor Risk Management.

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erwin

APRIL 30, 2021

Priority 3: Risk Management – Security and Compliance. Businesses are paying close attention to risk from internal and external sources. Understanding the applications you have, the applications in use, and the applications that are ripe for retirement is an important part of running an efficient IT operation.

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IBM Big Data Hub

OCTOBER 26, 2023

A corporate sustainability report is a comprehensive document that outlines a company’s efforts, policies, practices and performance related to social, environmental and economic sustainability. If the weather plays a major role in business and affects corporate sustainability goals, then the focus will be on climate risk management.

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erwin

APRIL 2, 2021

With more companies increasingly migrating their data to the cloud to ensure availability and scalability, the risks associated with data management and protection also are growing. Lack of a solid data governance foundation increases the risk of data-security incidents. Data Security Starts with Data Governance.

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DataRobot

JANUARY 18, 2022

When removed from our usual work environment to participate in an AI project, there is the risk that strategic business goals and everyday business rules will be forgotten. The purpose of these checklists is to avoid complacency and to ensure conscious observation of risk management. The Need For Documentation.

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