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Pandemic challenges: Can AI Change Risk and Compliance?

Image of Shahad Alfarraj
Shahad Alfarraj

Psion Core allows businesses to understand the impact of risk, issues, and incidents on operational performance in multiple dimensions. Integrating Psion Core with Robotic Process Automation (RPA) allows it to take intelligent action and provide critical decision support.

And to summarize what the independent risk management consultant and company advisor Brenda Boultwood regarding the pandemic challenges in how will AI change risk and compliance many businesses are now using data on risk analysis, loss issues, regulations, and business guidelines to satisfy regulatory requirements. 

But they're not getting enough value for money, and should turn to artificial intelligence-driven predictive analytics to boost forecasting, strengthen decision support, and develop a greater understanding of the interactions that tie losses, control failures, and reputation events. Psion Core intelligent automation enables managers to focus on higher-value activities as it turns manual work into automated solutions.

The data can be either structured or unstructured, internally or externally. Unstructured data comes from free text or natural language, while external data can be extracted from real-time social media feeds and/or updates to guidelines, policy, and business standards. Internal data, however, can indeed be generated from crowdsourced employee-response polls, consumer complaints, audit reports, voice feedback, and control test results.

Certainly, all businesses would like to better understand the degree of overlap in their losses, incidents, cases, customer complaints, audit results, and issues. It has become time to reevaluate how we operate in terms of risk and compliance. Today, many businesses are using data on risk assessment, loss events, challenges, regulations, and industry guidelines to fulfill regulatory requirements. AI-powered prescriptive modeling will convert this data into valuable decision-making assistance to improve organizational agility and resilience. 

Psion Core uses deep technology to surface new information and shares this automatically with relevant teams and individuals.  Actively providing teams and leadership suggested actions helps them move to dynamic, informed and decisive execution.

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