Leadership and Vision
Problem: Governance, risk management, audit and compliance has to add value to the business, not be a reactive or veto function stopping the business doing what it is tasked to do.
Solution: Combine active machine learning language models with intellectual capability coupled to harvesting internal and external unstructured data to deliver the most accurate, unambiguous, relevant and current risk and business intelligence, focussed on facilitating proactive integrated informed decision making, risk awareness and comparative assessment across the enterprise.
Strategy: Leverage risk content with deep machine learning, concept search and language modelling technology capability to deliver a new, proactive and real-time risk intelligence platform.
Our Vision: RiskBusiness is creating an uncontested market space for predictive analytics and risk intelligence in the global financial services industry, designed to service executive management, front-line business and the audit, governance, risk and compliance functions. By applying our unique supervised deep learning approach, coupled to our proven taxonomical structures, vast arrays of internal and external, structured and unstructured, seemingly unlinked data sets, can be translated using machine learning language models to deliver real-time industry comparable assessment to enable informed risk decision making.
With the evolution of the millennium generation, fintech and continuously evolving technical capability, the demand for enriched information to support and facilitate decision-making is itself evolving into “need it now, need it anytime, need it anywhere”. This demand refuses to accept reams of pointless, historical data; it demands enriched intelligence which is concise, to the point and proactive in assisting decision-making.
To deliver risk intelligence, the firm’s audit, governance, risk and compliance solutions not only need access to historical data, they need access to ongoing data relating to the firm and its activities and need access to identified external sources of specific data, but also need access to the enormous volumes of unstructured data both within the firm and in the external environment in which the firm operates. With industry estimates that 90% of all information in the digital universe is unstructured, digital data volumes doubling every two years and with 80% of information considered to pose some exposure to the firm, failing to harvest such data and to extract structured and enriched risk intelligence from it, is a major corporate failing.
While computer automation and artificial intelligence are rapidly evolving, certain big data business challenges such as “unstructured data” text analytics remain largely unsolved. In the governance, risk, compliance and audit world, where this type of analysis is highly valued but still in its technical infancy, we regard this as a blue ocean opportunity. Our goal is to combine proven artificial intelligence text analytics technology with our existing taxonomical structures, designed, deployed and perfected over the past decade, to assist financial services clients with risk aware decision making and ongoing management.
To this end, RiskBusiness has designed a new construct for deployment into the global financial services space, encapsulating specially designed “web crawlies” to monitor for and collect vast arrays of unstructured and structured data identified as being of potential interest, a virtual “data lake” of harvested data, specifically built cognitive intelligence and machine learning technologies for analysing and utilising such data and the latest in digital assistant (intelligent chatbot) technology to facilitate delivery of data and interaction with users, collectively representing a unique deep learning engine, unparalleled in the governance, risk, audit and compliance market.