Are you equipped to address risk assurance in this digital age?
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:
- Automation: As part of risk and controls testing, there are multiple human touchpoints. Some of the touchpoints involve repetitive tasks and processing of a variety of information. The bulk of such activities can be potentially augmented by machines, with the humans handling exceptions the machine encounters for the first time.
- Predictability: In the current digital era, macro-economic factors and business contexts evolve in real-time. AI can bring in predictability on any risk KPIs and flag a potential risk control violation before it even occurs.
- Coverage: Massive compute power and distributed compute capabilities can provide complete coverage of risk assessments instead of a sampling of cases for risk assurance. It can potentially add signals from non-transaction data like social media and news feeds to augment transactional and enterprise data sources.
- Speed: The decision making in the current context needs to be extremely agile. Real-time processing can provide real-time visibility and simulation of potential risks as business contemplates or makes decisions.
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.
Value delivered
- Discover process map from business applications, manual activities and provide as-is process blueprint
- Identify and assess risk taxonomy, emerging risks and risk quantification
- Deploy AI-driven process enhancements with projected performance metrics for key process improvements
- Streamline processes to meet acceptable risk levels and apply actionable insights
- Provide ongoing monitoring and risk responses, as well as ongoing deployment of recommendations
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