Last week we attended (and sponsored) the Risk Management Association's 12th Annual Governance, Compliance and Operational Risk Conference in Cambridge, MA. What follows are some key takeaways and summary.
Next week, I'm speaking in Boston on April 18th and 19th, at the Risk Management Association's Governance, Compliance and Operational Risk Conference. I'm speaking on a topic that is very familiar to me but may be a tad bit controversial for the typical Risk Management Professional. The Topic: How Collaborative Compliance Overcomes the Limitations of Artificial Intelligence.
Artificial Intelligence has been over-hyped to the point where it is thought of as a cure-all. In fact, some claim computerized superhuman intelligence is just around the corner. So powerful, that AI-powered computers and robots will take all of our jobs! This is simply not the case. Ai has a LOT of limitations. It is powerful but in a very specific set of applications.
Artificial Intelligence works well when both the data being analyzed and the analysis rules are static. OCR, Gaming, Diagnosis and Speech Recognition are all good examples of AI working at scale. AI is a way to super scale LINEAR problems. However, Operational Risk Management and Regulatory Compliance are fields wrought with redundant manual processes that chase and verify rapidly changing data. They are EXPONENTIAL problems.
In my talk next week, “Compliance in an Exponential World: The Role of Artificial Intelligence and Curated Crowdsourcing in the Future of Compliance,” I will explore the use cases and limitations of Artificial Intelligence for managing risk and compliance and compare it to Trust Exchange’s unique Collaborative Compliance solution.
If you're attending, drop me a line here: http://www.trustexchange.com/GCOR
The emergence of new technologies reminds me of 1996 when the Internet was about to hit massive adoption.