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AI Will Transform How We Manage Risks – For The Better!

on December 16, 2016

More frequently we read news alerts about cyber attacks. The scary notion is that the cyber world has become a dangerous arena where most anything goes. Businesses and governments are trying to secure their online systems as quickly and effectively as possible against these digital risks. Unfortunately, the infiltrations these parties fear is not just enemies and hackers, but competitors and others looking to read confidential emails, steal secrets, or simply commit fraud.

I was recently asked to share my thoughts on what could help mitigate risk in a technology driven world. You can read the full article here. One avenue that makes sense to me is Artificial Intelligence (AI), which acts as a way to strengthen and multiply controls across all lines of business. Previously, rules and policies were established through black and white logic creating large numbers of alerts with most being false alarms. Today, more and more daily transactions are being analyzed by software/hardware solutions including business intelligence and AI.

For risk managers and simply the risk adverse, AI can learn any risk strategy through human input, judgement and remediation. Through this back-and-forth interaction, the AI learns over time to improve the current processes and its own internal processes. The result is a quantifiable, consistent operating procedure formed in different areas of risk mitigation.

Based on our customers’ needs and where the market is going, I see a shift toward applications that use sophisticated pre-built AI based analytics, rather than their own custom analytics for each situation. The analytics space is evolving to not only get internal spending under control, but to stop the growing threats. Embracing AI is the best way to do this and creating a stronger front against real world threats abroad and at home will ensure the longevity and success of your business.

Patrick Taylor

Patrick Taylor is an authority in the convergence of business analytics, information security, and the implementation of technology to boost organizational performance. An innovator in his field, Patrick founded Oversight Systems in 2003 and served as President and CEO for 15 years. In this role, he helped hundreds of Fortune 1000 companies improve financial, accounting, and auditing processes. Previously, Patrick held leadership positions with Oracle, Symantec, and Internet Security Systems (ISS). Patrick has a bachelor’s degree Mechanical Engineering from Georgia Tech and an MBA from the Harvard Business School.