Generative AI is predicted to transform almost every industry, so it is hardly surprising that companies spent more than $20 billion on the technology last year. But the technology alone is not enough to unlock generative AI’s transformative potential...
From machine learning to generative AI, the latest developments in AI technology offer a major competitive advantage to companies who can best apply them to their business’ challenges. But those benefits will only be realized if a firm’s AI...
Companies are increasingly moving to an API-first approach in which they start any AI or digital project by focusing on the API they will use to integrate the data required. In this blog, we look at the benefits of this approach and seven steps your...
AI offers significant opportunities for companies, but there are ethical concerns around the fast-emerging technology. Many of these concerns come back to the data being leveraged by technology, including how that data was collected and how it is being...
Nearly 9/10 executives consider investing in AI and data to be a top priority for their company, yet 8/10 of those initiatives are likely to end in failure. In this post, we explore the key reasons behind why AI projects do not achieve their aims. We...
In 2021, McKinsey, in collaboration with the Federation of European Risk Management Associations (FERMA), conducted a survey on resilience behavior and organizational management. Noting a “striking difference between corporates and financial services...
The proliferation of Big Data and the use of artificial intelligence has changed the game for financial services. Now more than ever, it’s critical that companies have trustworthy ways of performing their practices, finding new investments and conducting...
While global supply chain risk is certainly not new, our need and ability to identify and assess it quickly affects every facet of our businesses. From the ESG expectations of consumers and the increasing global regulations to company board and c-suite...
Top Risks to Address for Third Party Due Diligence Only have a minute? Watch this quick video for a summary of the key points of the article. Third parties help companies to deliver their products and services, but they also expose them to regulatory...
The intersection of Artificial Intelligence (AI) and business pulses with potential, especially since generative AI (GenAI) has entered the picture. Google research scientist Oriol Vinyals notes, “Generative models are changing the way we think...
This year’s Kroll Financial Crime Report found companies are growing increasingly concerned that third parties are driving a higher risk of financial crime. We read through the report to pull out lessons for companies from this survey of 400 executives...
Millions of companies around the world have been impacted by regulations that mandate them to carry out ESG and human rights due diligence (HRDD) in the last few years–or they soon will be. These regulations bring new legal, financial, strategic...
ChatGPT and Bard, DALL-E and Starryai: Generative AI (GenAI) tools are taking the world by storm, igniting conversations, and shaping future possibilities in ways we've only begun to explore. As the World Economic Forum notes, “After years of...
Many companies have deficiencies in their sanctions risk management and customer due diligence processes, according to a survey by the UK’s financial regulator. The EU has also published new expectations about companies’ third party due diligence...
When it comes to the data used for predictive modeling and risk management, you can’t afford to leave anything to chance. Risk managers today have an ever-increasing number of AI applications and risk management tools to improve risk visibility...