8 The future
Risk management can be considered the perfect mix of art
and science, and it's quite possible that advances in big data
collection and analytics will begin to govern the science
element.
Risk managers will need to educate themselves not only on
how to approach data-driven decision-making but also the
technological developments that will increasingly dictate
where data comes from and how it is used. The internet
of things, where everyday objects including wearable
technology and machinery fitted with computerlinked
sensors will provide streams of information at an unforeseen
rate. Artificial intelligence; where computers process in a
way that stimulates human reasoning or knowledge will
increase businesses reliance on automated analytics. Risk
managers must fit into these new ways of working to remain
relevant.
The key will be using risk management to link data
science with the business. Risk managers should focus on
using data to encourage good behaviours and processes,
supporting the strategic direction of the business.
DRIVING THE DATA DIVIDE
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