ENHANCING INTEGRATED RISK MANAGEMENT SOLUTIONS WITH MODERN TECHNOLOGIES
• Control risk: When IRM will be integrated with AI, organizations will always be prepared for any time of risk. Any changes in the internal and external environment will give rise to new challenges. This will be mitigated with AI since the AIpowered IRM will identify new risk or recommend your ways in which you can tackle the existing risk. This will boost the effectiveness of the organization
One of the leading publications knows as the IDC predicts that by 2024, integrated risk management tools powered by AI would help organizations save time in responding to customers, stakeholders, partners, and competitors by making it 50 times faster than what it was earlier. Now the organization will always be prepared with an answer no matter what situations unfold.
ARTIFICIAL INTELLIGENCE
• The social media impact: Oftentimes organizations post something that could hurt the sentiment of their customers, with the help of AI there would be no such issue, as the system will predict what should you post, so that reputation of your company doesn’t suffer.
• No server failure: When you have AI as your support system then AI can predict that if your server is at risk. Having this knowledge could save your organization from a server failure. Since earlier there would be a tool that would predict this.
BLOCKCHAIN
The pandemic has changed the course of business and a lot of business owners have suffered its consequence. Several business owners went out of business since they could not honor client commitments. Small scale vendors were charged high fees for bidding a contract and hence they removed themselves from participating in large contracts.
Such can kind of issue can be mitigated with the help of blockchain. when IRM will be integrated with blockchain transactions will be easy and smooth. Let’s say you are offering bulk products for sale to another vendor. As soon as all the contracts are signed by the purchasing vendor and the money is released, a product release message will be sent to the vendor. Such automation can only be possible with the help of Blockchain.
When IRM will be backed by robotic automation then operations like internal audit, metric analysis, and control testing will be done seamlessly. This help organizations reduce onshore cost by 40 % and offshore to 30 % aligned with inventory recovery within 6 months
ROBOTIC PROCESS
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