In the past decade, enterprises have seen a massive change in how business is done. Companies are becoming more comfortable in migrating their workloads to cloud. Predictability in business outcomes is a necessity rather than a luxury. Technology landscape has evolved significantly with BOTS augmenting human capacity. Social networks are part of enterprises. With exploding computing capacities and advancements in technologies through artificial intelligence (AI) and distributed computing, technology is more comfortable in handling the analysis and predictability of the volume and variety of data collected.
The risk functions for an enterprise have a major role in this changing context. Beyond assurance, it needs to be ingenious leveraging new age technologies and enabling companies to make agile, smarter decisions. In this evolving and dynamic landscape, technology can transform risk assurance and management across the following dimensions:
We see a unique value proposition of Live Objects AI and PwC Risk Assurance and Compliance at the cusp of addressing this transformation across all four pillars.
Live Objects, a closed-loop business process optimization platform, helps generate process maps from structured, as well as unstructured sources. The platform leverages a deep neural net-based AI engine for recommending ideal steps for process optimization such as automation, elimination of redundant process steps and the addition of new process steps.