Smart Data Collective

AUGUST 27, 2020

It’s important to know how to protect your own firm from spend risk, supply chain disruption while enhancing the company’s ability to thrive. Moving your supply chain model to the cloud could be one of the best ways to reduce these concerns. It’s difficult to mitigate supply chain risk in the best of times.

Risk Management 101

Risk Management Risk Management Software 101

IBM Big Data Hub

MAY 4, 2020

Many financial firms are increasing their use of AI models because they can represent the real world more accurately, and they can deliver better projections than traditional, rule-based models. But some AI models can add complexity and risk.

Risk Management 85

Risk Management Risk Modeling Management 85

John Wheeler

NOVEMBER 24, 2020

However, for security and risk management professionals it can make a huge difference. Take for example the terms cyber risk, digital risk and the digitalization of risk management. Viewed together, the three terms represent key aspects of integrated risk management (IRM).

Risk Management 85

Risk Management Risk Management Technology 85

bridgei2i

SEPTEMBER 24, 2020

However, risk management is no way lagging. ERM or Enterprise Risk Management is being used to identify crises long before it blows up into a huge problem. AI is being used to assess, prioritize, and mitigate risks in the enterprise so that the business operations do not take a hit. Risk Management Model.

Risk Management 52

Risk Management Risk Enterprise Management 52

DataRobot Blog

APRIL 29, 2022

With the big data revolution of recent years, predictive models are being rapidly integrated into more and more business processes. This provides a great amount of benefit, but it also exposes institutions to greater risk and consequent exposure to operational losses. What is a model?

Risk 111

Risk Modeling IT Risk Management 111

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. As past data isn’t relevant anymore, current models aren’t going to work. PODCAST: COVID 19 | Redefining Digital Enterprises. Listening time: 12 minutes.

Risk Management 128

Risk Management Risk Enterprise Management 128

O'Reilly on Data

DECEMBER 12, 2019

Not least is the broadening realization that ML models can fail. And that’s why model debugging, the art and science of understanding and fixing problems in ML models, is so critical to the future of ML. Because all ML models make mistakes, everyone who cares about ML should also care about model debugging. [1]

Machine Learning 190

Machine Learning Modeling Testing Risk Management 190

Domino Data Lab

JULY 14, 2022

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. 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.

Insurance 98

Insurance Modeling Management Risk Management 98

IBM Big Data Hub

MARCH 3, 2020

Many financial institutions are rapidly developing and adopting AI models. They’re using the models to achieve new competitive advantages such as being able to make faster and more successful underwriting decisions. However, AI models introduce new risks.

Risk Management 72

Risk Management Risk Modeling Management 72

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.

Risk 64

Risk Modeling Machine Learning Data Quality 64

Dataiku

SEPTEMBER 8, 2021

This article presents how financial modeling can be done inside Dataiku. Let’s begin with the context: spreadsheet-based tools like Microsoft Excel are some of the most popular tools for financial modeling and are used for all kinds of tasks including investment analysis, P&L modeling, and risk management.

Modeling 105

Modeling Risk Management Risk Management 105

Domino Data Lab

AUGUST 6, 2021

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Risk Management 64

Risk Management Risk Enterprise Modeling 64

bridgei2i

NOVEMBER 20, 2020

Episode 2: AI enabled Risk Management for FS powered by BRIDGEi2i Watchtower. AI enabled Risk Management for FS powered by BRIDGEi2i Watchtower. Today the Chief Risk Officers(CROs) struggle with the critical task of monitoring and assessing key risks in real time and firefight to mitigate any critical issues that arise.

Risk Management 92

Risk Management Risk Management Metrics 92

IBM Big Data Hub

OCTOBER 16, 2023

It includes processes that trace and document the origin of data, models and associated metadata and pipelines for audits. It encompasses risk management and regulatory compliance and guides how AI is managed within an organization. Foundation models can use language, vision and more to affect the real world.

Risk 74

Risk Modeling Management Metadata 74

Domino Data Lab

AUGUST 6, 2021

All models require testing and auditing throughout their deployment and, because models are continually learning, there is always an element of risk that they will drift from their original standards. As such, model governance needs to be applied to each model for as long as it’s being used.

Machine Learning 145

Machine Learning Modeling Testing Risk 145

CIO Business Intelligence

MARCH 8, 2023

As organizations shape the contours of a secure edge-to-cloud strategy, it’s important to align with partners that prioritize both cybersecurity and risk management, with clear boundaries of shared responsibility. The security-shared-responsibility model provides a clear definition of the roles and responsibilities for security.”

Modeling 76

Modeling Risk Management Internet of Things Risk 76

DataRobot Blog

JUNE 27, 2022

In our previous two posts, we discussed extensively how modelers are able to both develop and validate machine learning models while following the guidelines outlined by the Federal Reserve Board (FRB) in SR 11-7. Monitoring Model Metrics.

Risk 59

Risk Modeling Metrics Measurement 59

Cloudera

OCTOBER 20, 2021

Since then, a further update has been made to the BIS stress testing principles that continues to emphasize the importance of scenarios in better understanding risk. . When it comes to measuring climate risk, generating scenarios will be a critical tactic for financial institutions and asset managers. agent-based model (ABM) ?in

Risk 80

Risk Modeling Risk Management Measurement 80

DataRobot Blog

MAY 26, 2022

Last time , we discussed the steps that a modeler must pay attention to when building out ML models to be utilized within the financial institution. In summary, to ensure that they have built a robust model, modelers must make certain that they have designed the model in a way that is backed by research and industry-adopted practices.

Risk 52

Risk Modeling Metrics Business Objectives 52

IBM Big Data Hub

JANUARY 28, 2020

Any financial services firm using AI must revisit its approach to model risk management. The reason is that AI models are evolving faster than the rules-based models that were standard previously. If AI models perform inadequately, major operational losses can grow quickly.

Risk 84

Risk Modeling Big Data Management 84

John Wheeler

MARCH 5, 2021

Simply put, business leaders need a better way to manage risks. For them, the way forward is IRM – integrated risk management. Our clients are telling us that their risk management priorities have shifted dramatically due to COVID-19. Technology Outlook for Integrated Risk Management.

Risk Management 105

Risk Management Risk Technology Management 105

O'Reilly on Data

JANUARY 22, 2019

An exploration of three types of errors inherent in all financial models. At Hedged Capital , an AI-first financial trading and advisory firm, we use probabilistic models to trade the financial markets. All financial models are wrong. Clearly, a map will not be able to capture the richness of the terrain it models.

Modeling 133

Modeling Finance Uncertainty Data mining 133

DataRobot Blog

DECEMBER 6, 2022

Other organizations are just discovering how to apply AI to accelerate experimentation time frames and find the best models to produce results. Taking a Multi-Tiered Approach to Model Risk Management. How Model Observability Provides a 360° View of Models in Production. Read the blog. Read the blog.

Experimentation 145

Experimentation Forecasting Data-driven Machine Learning 145

CIO Business Intelligence

DECEMBER 28, 2023

As a result, managing risks and ensuring compliance to rules and regulations along with the governing mechanisms that guide and guard the organization on its mission have morphed from siloed duties to a collective discipline called GRC. These executive lead risk or compliance departments with dedicated teams. What is GRC?

Risk 103

Risk Risk Management Strategy Enterprise 103

Smart Data Collective

JULY 16, 2023

We will talk about some of the biggest ways that big data is changing the future of risk management among hedge funds. Data Analytics Helps Create More Robust Risk Management Controls We mentioned years ago that big data is changing risk management.

ROI 68

ROI Data Analytics Analytics Risk Management 68

CIO Business Intelligence

JUNE 23, 2023

An astounding 93% of respondents noted they strongly agree with the sentence, “I believe my organization needs to embrace a hybrid infrastructure model that spans from mainframe to cloud.” Risk Management: Risk management is a critical focus for technology professionals.

IT 97

IT Risk Management Risk Optimization 97

CIO Business Intelligence

SEPTEMBER 14, 2023

Nasdaq is currently using gen AI for a range of applications, including supporting digital investigators’ efforts to identify financial crime risk and empowering corporate boards to consume presentations and disclosures more efficiently.

Risk Management 113

Risk Management Risk Marketing Cost-Benefit 113

IBM Big Data Hub

FEBRUARY 13, 2024

This data is fed into generational models, and there are a few to choose from, each developed to excel at a specific task. Generative adversarial networks (GANs) or variational autoencoders (VAEs) are used for images, videos, 3D models and music. Autoregressive models or large language models (LLMs) are used for text and language.

Enterprise 121

Enterprise Modeling Testing Data-driven 121

CIO Business Intelligence

AUGUST 25, 2022

As organizations shape the contours of a secure edge-to-cloud strategy, it’s important to align with partners that prioritize both cybersecurity and risk management, with clear boundaries of shared responsibility. The security-shared-responsibility model provides a clear definition of the roles and responsibilities for security.”.

Risk Management 112

Risk Management Internet of Things Risk IoT 112

IBM Big Data Hub

MARCH 4, 2024

Figure 2: ROI potential by transforming into an AI+ enterprise Organizations with high data maturity that embed an AI+ transformation model into the enterprise fabric and culture can generate up to 2.6 Consider the following: Do you need a public foundation model? times higher ROI. Should you build your own? If so, where will it run?

Enterprise 103

Enterprise ROI Risk Strategy 103

CIO Business Intelligence

NOVEMBER 21, 2023

After all, 41% of employees acquire, modify, or create technology outside of IT’s visibility , and 52% of respondents to EY’s Global Third-Party Risk Management Survey had an outage — and 38% reported a data breach — caused by third parties over the past two years.

IT 134

IT Risk Cost-Benefit Risk Management 134

CIO Business Intelligence

JANUARY 18, 2024

Nearly a third (29%) of CEOs are dissatisfied with their organization’s speed of innovation, capabilities in risk management, and talent acquisition and retention rates. CFOs, CHROs, and CIOs must be quick to adapt familiar thinking and processes to support AI technologies and model outputs.

Finance 123

Finance Machine Learning Risk Management Optimization 123

CIO Business Intelligence

DECEMBER 19, 2023

Many technology investments are merely transitionary, taking something done today and upgrading it to a better capability without necessarily transforming the business or operating model. CIOs should look for other operational and risk management practices to complement transformation programs.

Digital Transformation 142

Digital Transformation Unstructured Data Machine Learning Risk Management 142

CIO Business Intelligence

SEPTEMBER 20, 2023

Risk Management: CISOs must assess and manage the risks posed by new technologies and changing threat landscapes. Employee Awareness: Effective employee training and awareness is critical in ensuring that staff are not unwittingly exposing the organization to cyber risks.

Digital Transformation 106

Digital Transformation Risk Management Risk Machine Learning 106

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 59

Cost-Benefit Risk Management Risk Digital Transformation 59

CIO Business Intelligence

SEPTEMBER 7, 2023

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. Shaun has over 20 years of IT experience with specialization in information security and risk management.

Risk Management 88

Risk Management Risk Testing Digital Transformation 88

CIO Business Intelligence

APRIL 5, 2024

Senate Bill 1047 , introduced in the California State Legislature in February, would require safety testing of AI products before they’re released, and would require AI developers to prevent others from creating derivative models of their products that are used to cause critical harms.

Risk 117

Risk Interactive Insurance Strategy 117