Data-Driven Defense:
Major business setbacks due to risk management failures happen every year. They are also some of the costliest, adding up to millions of dollars in regulatory fines, lawsuits, payouts, and lost brand value. Leaders want to avoid these types of issues and rely on sound internal data management to mitigate risk and maintain confidence and trust with their stakeholders.
Yet according to Thomson Reuters Regulatory korea whatsapp number data Intelligence’s 2023 Cost of Compliance Report, 45% of leaders say they don’t monitor their cost of compliance with regulations across their organizations. Why? It’s still overwhelmingly difficult to do well.
But perhaps, soon enough, it won’t be. Businesses have long utilized traditional AI/ML processes to enhance operations. The emergence of next-generation generative AI technology (GenAI) presents a significant opportunity to revolutionize predictive capabilities and content generation, promising a transformative impact on businesses.
This piece explores how businesses can protect their organization – and their capital – by embracing AI’s most valuable features. Business leaders who may be nervous about integrating GenAI into their operations should consider the quantified value of efficiencies this technology can produce in risk management alone. AI’s most powerful value is to assist human workers, adding value, helping to govern the organization more efficiently, and empowering employees to make strategic decisions instead of spending time on inefficient manual tasks.