Organizations are adapting to the expectations of a changing workforce, creating a culture of risk-aware decision making, inclusion and compliance to succeed in an environment where risk is permeating through all levels of the organization. Also, the volume and velocity of interconnected risks has made the involvement of frontline stakeholders critical to the proactive mitigation of risks.
Organizations have introduced new tools and technologies to help frontline users to capture and report business anomalies and unethical activities including financial improprieties, sexual harassment cases, discriminatory practices, conflicts of interest etc. Intuitive tools such as widgets, browser plugins, chatbots, and simplified web forms enable these users to take a more active role in risk-aware decision making.
With this shift in attitude, the volume of observations being reported by the frontline has increased drastically. Risk and Compliance Managers who are responsible for scrutinizing each of these observations are spending considerable amount of time in triaging and classifying large volumes of observations. In this complex and fast-moving environment, traditional approaches to managing these observations may not be the answer.
MetricStream’s AI Powered Observation Recommendation engine uses historical data available in the system to intelligently identify and classify the observations into areas such cases, incidents, issues and loss events. The use of artificial intelligence helps the Risk Managers to improve the speed and accuracy of triaging these observations. The ability of artificial intelligence and machine learning models to analyze large amounts of observations improves analytical capabilities in risk management and compliance, allowing Risk managers to identify risks in an effective and timely manner, make more informed decisions, and make operations less risky.
Andreas Diggelmann (CTO and Managing Director for India, MetricStream) recently stated that “AI for MetricStream is deeply contextual – and a means to help us solve a business use case. While it is important to keep the benchmark of innovation high, it also has to balance out with ground realities of every industry, every type of client – and it’s up to us to reach a solution that can benefit both”.
Artificial Intelligence is a game-changer for risk management and is one of the key drivers for transforming any industry. It saves time, boosts revenue, identifies risks and fraud, and adds value to your organization.
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