Picture a world of intelligent machines, learning and adapting to their environment based on the data they have available to them. Open their access to the Internet and all the data that lies within and soon you’ll find yourself in the dystopia of the Terminator films and see machines rising to take over the world!
Machine learning is an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. Machine learning focuses on the development of computer programs that can access data and act ‘intelligently’ based on that data.
Risk management systems such as Xactium, hold vast quantities of data about an organisation, from the organisational structure and the risks themselves, to information on their potential financial impact for the company as well as mitigating actions and controls. Whilst Risk Managers are used to managing large quantities of data, it is simply not possible to analyse this ever-growing bucket of information in an optimal way, at all times, in order to make the best informed decisions. This is where machine learning can step in to help.
Xactium are developing a revolutionary machine learning application that will quickly and intelligently suggest controls or actions when a new risk is identified. It will learn and change it’s suggestions over time, and the more you use it, the better it becomes. Take this a few steps further and it won’t be long before we can click a button and benefit from intelligent suggestions around potential financial impacts of implementing particular actions or controls, as well as the potential cost savings of doing so. There are also possibilities within incident management. So where a risk event occurs (crystallises) AI might suggest which risk it is likely to sit against, and therefore which controls or actions may not be performing as well as they should be. It might even suggest new controls or actions which could have stopped the incident occurring in the first place.
Data is essentially the new oil – it’s a rich commodity within any organisation, and mining it and using it in the best and most efficient way possible is essential for any organisation. AI and machine learning has enormous potential for not only assisting with this process but also providing organisations with valuable insight into their data.
So don’t fear the rise of the machines, instead picture a world where machines are efficient engines, using the oil of data to fuel our companies in the most effective and efficient way. One final word of warning…. don’t create a risk for ‘humans are evil’…or the suggested control may be something none of us want!