bridgei2i

JUNE 2, 2020

Episode 7: The Impact of COVID-19 on Financial Services & Risk. Management. The Impact of COVID-19 on Financial Services & Risk Management. For example, using AI on SME documents submitted digitally for automated loan underwriting. Now, the first of those areas is definitely risk and portfolio management.

Risk Management 128

Risk Management Risk Enterprise Management 128

DataRobot Blog

APRIL 29, 2022

This provides a great amount of benefit, but it also exposes institutions to greater risk and consequent exposure to operational losses. The stakes in managing model risk are at an all-time high, but luckily automated machine learning provides an effective way to reduce these risks.

Risk 111

Risk Modeling IT Risk Management 111

O'Reilly on Data

OCTOBER 18, 2022

When we use AI in security applications, the risks become even more direct. As AI technologies are adopted more broadly in security and other high-risk applications, we’ll all need to know more about AI audit and risk management. Data can be wrong. Predictions can be wrong. System designs can be wrong.

Risk Management 291

Risk Management Risk Testing Measurement 291

IBM Big Data Hub

OCTOBER 16, 2023

As more businesses use AI systems and the technology continues to mature and change, improper use could expose a company to significant financial, operational, regulatory and reputational risks. AI governance refers to the practice of directing, managing and monitoring an organization’s AI activities.

Risk 78

Risk Modeling Management Metadata 78

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: .

Risk 64

Risk Modeling Machine Learning Data Quality 64

IBM Big Data Hub

FEBRUARY 8, 2024

” European Parliament News The EU AI Act in brief The primary focus of the EU AI Act is to strengthen regulatory compliance in the areas of risk management, data protection, quality management systems, transparency, human oversight, accuracy, robustness and cyber security.

Risk Management 81

Risk Management Risk Metrics Machine Learning 81

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.

Risk 118

Risk Management Measurement Optimization 118

John Wheeler

NOVEMBER 25, 2020

Integrated risk management (IRM) technology is uniquely suited to address the myriad of risks arising from the current crisis and future COVID-19 recovery. Re-starting business operations will require risk visibility not only across the organization but vertically down through the organization as well. Key Findings.

Marketing 110

Marketing Risk Management Risk Digital Transformation 110

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.

Risk 59

Risk Modeling Metrics Measurement 59

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.

IT 124

IT Risk Cost-Benefit Risk Management 124

DataRobot Blog

JULY 22, 2022

At many organizations, the current framework focuses on the validation and testing of new models, but risk managers and regulators are coming to realize that what happens after model deployment is at least as important. They may not have been documented, tested, or actively monitored and maintained. Legacy Models. White Paper.

Modeling 105

Modeling Risk Management Risk Testing 105

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.

Digital Transformation 136

Digital Transformation Unstructured Data Machine Learning Risk Management 136

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.

Insurance 98

Insurance Modeling Management Risk Management 98

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.

Cost-Benefit 61

Cost-Benefit Risk Management Risk Digital Transformation 61

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%

Risk Management 82

Risk Management Risk Reporting Management 82

CIO Business Intelligence

JUNE 26, 2023

The average mortgage requires 280 pages 2 of documents to be prepared, verified, and checked, contributing to an average cost of more than $11,000 in production expenses 3 per loan in the third quarter of 2022. Machine-managed risk Risk management is a top-of-mind issue for all financial services firms.

Data-driven 89

Data-driven Insurance Risk Risk Management 89

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.

Big Data 139

Big Data Finance Risk Management Risk 139

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.

Enterprise 127

Enterprise Modeling Testing Data-driven 127

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

Data Governance 109

Data Governance Cost-Benefit IT Risk 109

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.

Digital Transformation 120

Digital Transformation Risk Management Risk Machine Learning 120

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.

Risk 110

Risk Experimentation Marketing Risk Management 110

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.

Management 111

Management Consulting Risk Strategy 111

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.

Data Governance 144

Data Governance Enterprise Risk Data Lake 144

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.

Risk Management 52

Risk Management Risk Predictive Modeling Insurance 52

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.

Metadata 103

Metadata Risk Management Risk Experimentation 103

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?

Risk 359

Risk Modeling Data Processing Software 359

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.

Risk 52

Risk Management Scorecard Forecasting 52

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.

Enterprise 123

Enterprise Risk Measurement Software 123

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.

Risk 98

Risk Risk Management Software Consulting 98

IBM Big Data Hub

APRIL 4, 2024

Document-centric BPM is for efficiently managing documents and content—such as contracts—within processes. Also, BPM provides real-time insights into compliance metrics and risk exposure, enabling proactive risk management and regulatory reporting.

Management 61

Management Cost-Benefit Metrics Consulting 61

IBM Big Data Hub

FEBRUARY 22, 2024

Defense leaders focused on operationalizing the responsible curation of AI must first agree upon a shared vocabulary—a common culture that guides safe, responsible use of AI—before they implement technological solutions and guardrails that mitigate risk. Designate accountable people to mitigate these risks.

Metadata 103

Metadata Measurement Risk Modeling 103

CIO Business Intelligence

MAY 24, 2022

Deloitte estimates that compliance costs for banks have increased by 60% since the financial crisis of 2008, and the Risk Management Association found that 50% of financial institutions spend 6 to 10% of their revenues on compliance. Depending on the risk level of certain individuals, background checks can range from two to 24 hours.

Risk 127

Risk Reporting Marketing Risk Management 127

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.

Insurance 56

Insurance Digital Transformation Risk Management Interactive 56

CIO Business Intelligence

MARCH 5, 2024

CIOs must also partner with CISOs, legal, human resources, and business leaders to build awareness of policies and develop a generative AI risk management strategy. Today, top AI-assistant capabilities delivering results include generating code, test cases, and documentation. So, what delivers on the productivity promise today?

Cost-Benefit 105

Cost-Benefit Advertising Experimentation Software 105

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.

Cost-Benefit 100

Cost-Benefit Machine Learning Interactive Software 100

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.

Strategy 119

Strategy Risk Measurement IT 119

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.

Risk Management 74

Risk Management Risk Testing Digital Transformation 74