RiskTech Insider: Today’s Top AI Stories

March 16, 2023

Are you a risk manager looking for the latest industry stories in order to stay ahead of the pack? If so, then RiskTech Insider is here to help.

This series brings together top-notch information from various sources and puts it all at your fingertips, ensuring you don’t miss out on any valuable news.

We’ll explore cutting-edge AI technologies that are changing how businesses operate around the world and examine their implications. Come along with us as we take a deep dive into today’s top technology stories and get an insider scoop on industry insights that could have lasting effects!

Introducing RiskTech Insider

RiskTech Insider’s mission is to equip and enable risk managers to use AI, automation, and other technologies confidently. Our series shares our insights on how AI and other innovative tools can help elevate the role of risk professionals.

We believe utilizing AI, automation, and other tech-based solutions helps society thrive and provides promise for the industry going forward.

The success of any organization depends on its ability to be resilient and responsive during uncertain times by adapting the latest technology solutions, RiskTech Insider hopes to provide an ongoing source of information that not only educates but inspires risk managers to rise up to the challenge.

Today is all about artificial intelligence. You may have been hearing about it for years at this point, but in the past three months, the topic has exploded.

What is Artificial Intelligence (AI) and how can it help risk professionals make smarter decisions

AI is a rapidly advancing area of computer science, which has enabled us to build computers and software able to imitate human behavior. AI technology is changing how risk professionals evaluate data, learn from experience, and make smarter decisions.

AI allows risk professionals to automate tasks previously done manually and quickly analyze vast amounts of data by leveraging sophisticated machine learning algorithms. It also allows risk assessment automation and prediction analytics that improves the efficiency of decisions making processes.

AI can greatly reduce operational costs while improving accuracy in decision-making, allowing risk professionals to stay ahead in an ever-changing environment of new technologies.

Today, we’ll jump into AI chatbot. But before we do, it’s important to understand that AI will have a profound effect on companies or in the words of Harvard Business Review.

Put simply, this is a very big deal.

The businesses that understand the significance of this change and act on it first will be at a considerable advantage.

chatGPT is an artificial intelligence language model trained to understand and generate human-like responses to natural language input.

It can be used in risk management to analyze feedback and identify potential issues, translate foreign language documents to assess risk in international operations, and generate natural language reports to communicate insights to stakeholders.

Taking this concept leap further, Microsoft introduced Bing Chat, which connects an AI language model to the internet.

The result is a much more intelligent chatbot that has up-to-date information and can cite its sources, both vital enhancements for risk management professionals looking to put the technology to use.

But let’s start smaller than that. Either of these chatbots can act as very capable assistance. They can help you cut some of your tasks down to a fraction of the time they’d normally take.

Here’s our recommendation for today. Start using chatGPT right away and get on the wait list for Bing Chat. Now.

Start interacting with one of these chatbots and look for simple ways you can put it to use.

Here are some ideas to get you started.

  • Working on a spreadsheet? Ask the chatbot to write a formula for you
  • Stuck trying to rewrite your email? Send it to the chatbot and ask for advice
  • Preparing for a presentation? Ask the chatbot for a list of topics that you should cover.

It won’t create the perfect agenda for you, but it can give a great hint to make sure you haven’t left the topic out, however, you use it. Start now so you can begin to understand how to best apply it to your business to reduce risk.

That’s it for RiskTech Insider today. AI-powered tools can help risk teams monitor trends, manage complex data sets, and detect potential risks quickly and accurately.

Automated decision-making algorithms take into account all available data when assessing risk levels for an organization. Therefore, mastering these technologies and understanding how they can be leveraged to gain a competitive advantage is essential for any risk professional in today’s ever-evolving business landscape.

Want to see more, then check out the full video here to get a detailed look at RiskTech Insider! We look forward to seeing you next time and covering more insights to power next week’s decisions.


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