[et_pb_section][et_pb_row][et_pb_column type=”4_4″][et_pb_text]Risk transformation needs a dynamic interconnection between people and processes – continuously developing and evolving through feedback loops, process improvement initiatives and consideration of emerging issues in risk management. Some of these issues include:
- Decreasing data reliability as data availability increases – creating risks from business decisions based on that data
- Potential for flawed or misused artificial intelligence algorithms – creating risks from business decisions using those algorithms
- Expanding cyber threat surface as AI systems replace more vital business functions
- Optimistic assumption that systems will identify and manage all risks – emerging risks may be overlooked
- Displaced roles due to risk automation
- Skills needed to ensure data quality is understood and managed
- Skills needed to ensure appropriate and ethical application of automation and analytics