In their article, "The Future of Risk Management is
Automated", Forbes believes that continuous
monitoring and ongoing risk intelligence must be
automated.
"Big data and automation can be tremendous
catalysts to accelerate significant advancements
in risk management by enabling companies to
continuously monitor risk at scale both cost-
effectively and efficiently. Today, companies can
leverage robotic process automation tools for
data collection. Machine learning and artificial
intelligence can perform sentiment analysis to
determine whether the data is good or bad news
as well as impact analysis to determine the
potential impact to the organization — low or
medium requires immediate attention."
"Along with statistical models, these
technologies can constantly improve the
accuracy of detection, confirmation, and
prediction, enabling greater visibility into an
organization's true risk exposure than ever
before. By incorporating automation at this
stage, human resources are freed from spending
countless hours gathering and validating just a
tiny fraction of the data that AI can handle."
8. Data and System Security
How well do today's companies control vast
amounts of personal data?
The answer to that question is problematic – for
several key reasons. One reason is the sheer
amount of data that companies collect daily. The
second reason is the ability to know where that
data is stored. And the third reason is that data
privacy laws are proliferating around the globe.
These data privacy laws include General Data
Protection Regulation (GDPR), the California
Consumer Privacy Act (CCPA), and the new
Colorado Privacy Act (CPA).
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