Managing risk in a fast-moving world

In the last 12 months, AI has become part of our everyday conversations. Large language models like ChatGPT and AI image generator tools like Stable Diffusion are now accessible by almost anyone and have proven to be immensely powerful platforms for numerous tasks.

These technologies are not without their drawbacks. In May 2023 Forbes reported that Samsung has forbidden its teams from using these AI services after it was discovered that the code they were asking the tool to optimize was being stored in the tool’s servers and theoretically could be shared with other users as part of their solutions.

KPMG, in their examination of the risks of generative AI, reports that Amazon has a similar ban on staff putting proprietary code into the model for fear that it will be used in training the tool, and then be served up to other users.

Generative AI is groundbreaking, but we are still just beginning to discover the boundaries of what it does. If you had asked these companies to evaluate the risks facing their businesses just a couple of years ago, you could almost guarantee that “unintentional corporate espionage by intelligent machines” would not have been on the list.

Risks—like businesses—evolve rapidly, and organizations need a responsive and intelligent approach to risk management to keep on top of them.

Risk management is more than just a theoretical process teams check off for audit purposes. It is a vital part of an organization’s operation that recognizes the potential threats and problems the business could face. The solution should identify how to avoid them, or respond effectively and efficiently if they become a reality.

Business process automation and intelligence helps teams keep these practices agile and functioning in a way that makes the best use of available resources by being constantly vigilant, detail-oriented and persistent.

Respond to change in real-time

One of the great benefits of process intelligence is its tireless performance. As an always-on tool, organizations have 24/7 monitoring of their business processes and related systems.

Bots can be trained to identify issues in process execution and resolve alerts through pre-defined logic, escalating serious incidents and logging actions for less significant events. By tracking and reporting on processes, they provide real-time responsiveness to changes in business operations and the confidence that should something unexpected occur, teams will know about it immediately.

Eliminate manual tasks and unlock strategic insights

Risk management can be one of the less exciting aspects of business process management. Audits alone are exhausting exercises in collecting and assimilating data for analysis, often taking weeks of staff time and effort.

With the sheer volume of data that needs examination, mistakes can easily happen, but process automation bots can ease both the pain of data handling and the challenges of capturing it accurately. Intelligent process automation tools can create accurate and up-to-date reports with minimum input, leaving teams free for the vital work of reviewing the results and making informed decisions that can impact the organization’s strategy and operations.

The future of risk management in automation

With teams and executives freed from the marathon of data collection and collating, they are able to focus on the best ways to mitigate risks, establishing better processes and safeguards for the business.

Even those steps can benefit from process automation, with workflows pushing signoffs to stakeholders for efficient responses, ensuring changes don’t get overlooked or left languishing as drafts. Process automation tools can also flag risk management processes for review, keeping teams in the loop on updates and making sure controls are up to date and understood where it matters.

Risk management is one area that you cannot afford to neglect. Our constantly changing business environment means risks are always emerging and evolving and yesterday’s controls may not be enough to keep your operations secure.

Intelligent process automation is a great tool for keeping your risk management current and for carrying the weight of the work of monitoring those processes. Let the automated tools handle the legwork of data collection and reporting so you can focus on identification and prioritization, and making the kinds of judgment calls that require human intelligence to keep your business safe and prosperous.