Meet modern compliance: Using AI and data to manage business risk better
Strong, tech-enabled, third-party risk management capabilities can strengthen
corporate governance, which will in turn enhance reputation and build trust.
In essence, compliance should no longer be seen simply as a backroom cost
center. Rather, it is a means of strengthening the business brand, increasing
productivity, and driving growth of market share, with relevance at the C
suite and at the board level. ... “By engaging early in the sales contract
life cycle and providing compliance oversight and ongoing risk education, we
[at Microsoft] have been able to realize better, more compliant deal
construction. This is critical at quarter-end when deal volumes spike. Sellers
internalize the risk guidance and proactively ensure their contract meets the
company’s compliance standards — often reducing monetary concessions that
improve margin and profitability.” Four years ago, PwC and Microsoft worked
closely together to further develop a tech-enabled compliance analytics suite
of tools called Risk Command. “We started the journey to respond to internal
and external pressures to embrace a ‘data-driven’ approach,” Gibson recalled.
“But it appears to be what regulators are now expecting and serves as a
benchmark for what others may want to do.”
Is The Cybersecurity Industry Selling Lemons? Apparently Lots Of Important CISOs Think it Is
If it’s true that poor products have contributed to the success of
cyberattacks then something must be wrong, but what? The report’s thesis –
which borrows its title from economist George Akerlof’s Nobel Prize winning
1970 paper on the same topic – doesn’t sugar coat it: cybersecurity has become
an industry that keeps churning out lemons that not enough people complain
about. Searing tech skepticism is nothing new of course – Clifford Stoll’s
Silicon Snake Oil or Michael Lewis’s satirical The New New Thing come to mind
– but those were about issues (the Internet will go wrong, dotcom excess),
people have already processed. Cybersecurity, by contrast, is all that stands
between us and a world where criminality contorts the system in ways that cost
livelihoods and whole economies. Bad cybersecurity isn’t just inconvenient,
it’s dangerous and somebody needs to say this now. The authors believe the
underlying problem is economic rather than technical. Technology doesn’t work
as claimed because the market relationship between customers and the vendors
has broken down. This manifests as an ‘information asymmetry’ where vendors
know how good their product is, but their customers not only don’t know but
don’t have time to find out.
How advanced AI language tools could change the workplace
Within the last decade, some of the most notable breakthroughs in artificial
intelligence (AI) have come in the form of computer vision. Essentially giving
robotics systems ‘eyesight’, in the ability to identify and classify objects
using image or video recognition, the technology has been put to use in
anything from facial recognition systems and quality control in manufacturing
to anomalies in MRI scans and self-driving vehicle systems. And while computer
vision applications are still comparatively nascent, the ‘breakthrough’ AI
applications of the decade ahead might well come in the form of advances in
language-based applications. AI research and deployment company OpenAI
developed the largest language model ever created this year, GPT-3. The
software can generate human-like text on demand and is set to be turned into a
commercial product later this year, as a paid-for subscription via the cloud
for businesses. It represents a leap forward from previous language processing
models that used hand-coded rules, statistical techniques, and increasingly
artificial neural networks — which can learn from raw data, with less reliance
on data labelling — to perform language processing.
Open-source software detects potential collisions in radiotherapy plans
The RadCollision software needs to be embedded into each TPS database and a
folder (STL files) with the 3D models of the machines prepared. RadCollision
is currently limited to use with the RayStation TPS, but versions for use with
other commercial TPS are planned, says first author Fernando Hueso-González.
The researchers quantitatively evaluated their software using the RayStation
TPS with four patient treatment plans that were found infeasible during
previous collision checks by therapists. The software reported collisions with
the couch at similar angles to those reported experimentally. The team also
tested the software with a model of a proton treatment room and a robotic
patient positioning system. “In one case, we tested in the RadCollision
software a beam where the dosimetrist doubted that there was enough clearance
with the toe of a patient’s foot. RadCollision predicted that clearance would
be very tight, but the irradiation-optimized TPS was feasible,” comments
Remillard. “When we performed a dry run, there was no collision.” The team
note that the reliability of the collision assessment depends upon the
accuracy of the input data.
Technology is about to destroy millions of jobs. But, if we're lucky, it will create even more
CIOs are effectively banking on AI systems and machines to carry out tasks
that would have previously been taken on manually. For example, the WEF
predicts that in 2025, machines will be performing up to 65% of information
and data processing and retrieval, leaving only 35% of the job to humans.
This means that some roles are set to become increasingly redundant in the
next few years. Data entry clerks, accountants and auditors, and factory
workers are among the jobs that the WEF expects to be particularly displaced
by automation. At the same time, growth in so-called "jobs of tomorrow" will
offset the lack of demand for workers in jobs that can be filled by
machines. Leading the polls for positions in growing demand are roles linked
to the green economy, data, AI, and cloud computing. Think data analysts,
machine-learning specialists, robotics engineers or software developers.
Jumping from a redundant job to one in high demand is no easy challenge. The
"jobs of tomorrow" will require new skills; in fact, the vast majority of
employers (94%) surveyed by the WEF said that they expected employees to
pick up new skills on the job. The past few months have seen employees and
employers alike getting started with tackling the issue.
How Artificial Intelligence is Transforming the Insurance Space
Although insurance CEOs are conscious of the herald of digital disruption
breaking through the industry, it will be a whole new challenge to keep up
with these revolutionary changes and to see it beyond the plain integration
of modern technology. Intelligent solutions must be innovative enough to
foster better customer relationship and deliver customer experience in a way
that inspires much-needed poise between incipient market expectations and
cost optimization. Apart from these, another pressure point is coming from
emerging InsurTech entrants who are giving rise to tough competition by
creating affordable solutions to reach and serve customers. What is relaxing
is that to surpass this challenge, industry leaders are prepared to embrace
new innovative possibilities and appreciate the role of creativity in
evolving the processes and becoming a beloved brand in the financial
marketplace. Over the last two years, we have seen the widespread advent and
adoption of AI across multiple industries (be it hospitality or be it
healthcare). The idea of digital technologies ruling the financial market
isn’t exactly new since Nasdaq in its early days established a secure
connected network of trading desks for integrated customer data records.
Voice Payment in Banking: The New Revolution in Fintech
Voice recognition methods use biometrics data to identify who’s speaking
with virtual assistants. The robotic assistants have gone through so much
changes and updating that you won’t be able to differentiate whether it’s a
human or AI is talking to you. However there are a lot of privacy concerns
around smart speakers. 33% of U.S. surveyed adults said they had security
concerns which restrain them from purchasing the devices. Estimated that in
January 2019 26% of people showed a strong concern about speaker’s privacy
risk. The number jumped to 30% in January 2020. The reason is exposure to
recorded conversations. All of the world’s biggest voice assistant providers
Amazon, Google, Apple, Microsoft, Facebook are listening to some utterances
because machine learning won’t be efficient if there would be no
improvements in conversations between humans and devices. However, some
situations were real leakage of consumer secret information which caused
many doubts and indicated privacy as key risk in voice assistant
technology.AI updates will facilitate the ability to understand accents,
dialects, intonations and more. Fingertips is unique biometrics data which
is an important secure measure. 48% of people have used biometrics to make
payment.
How blockchain is used to transform the lives of people in marginalised communities
A key aim of the Building Blocks project is to provide people in refugee
camps with the means of buying food and necessities quickly and securely
using direct cash transfers. Another objective is to ensure they no longer
have to worry about food vouchers being lost or stolen or about third party
organisations, such as banks, having access to their personal data. Direct
cash transfers, according to WFP research, are often the most effective and
efficient way to distribute humanitarian assistance as well as support local
economies. But being able to distribute it relies on the support of local
financial institutions, which are not always in a position to do so, not
least because many refugees face restrictions in opening bank accounts. To
try and address the situation, in early 2017 the WFP introduced a
proof-of-concept blockchain-based system to register and authenticate
transactions in Sindh province, Pakistan, which did not require a bank to
act as an intermediary to connect both parties. The system is now being used
to support 106,000 Syrian refugees in the Azraq and Zaatari camps in Jordan
and 500,000 Rohingyas in the Cox's Bazar camp in Bangladesh.
Chip industry is going to need a lot more software to catch Nvidia’s lead in AI
"Software is the hardest word," quipped Gwennap, referring to the struggles
of competitors. He noted how companies either don't support some
aspects of popular AI frameworks, such as TensorFlow, or how some AI
applications for competing chips may not even compile properly. "To
compete against deep software stacks from companies such as Nvidia and
Intel, these vendors must support a broad range of frameworks and
development environments with drivers, compilers, and debug tools that
deliver full acceleration and optimal performance for a variety of customer
workloads." ... The use of AI is spreading from cloud computing data centers
where it has traditionally been developed to embedded devices in automobiles
and infrastructure. Vendors such as the UK's Imagination and Think Silicon,
a division of chip equipment giant Applied Materials, are pushing the
boundaries in low-power designs that can go into power-constrained devices,
such as battery-powered, microcontroller gadgets. The stakes seem
suddenly higher since Nvidia announced last month that it intends to buy Arm
Plc for $40 billion. Arm makes the intellectual property at the heart of all
the chips made by all the challengers in the chip industry. Hence, Nvidia's
software is poised to gain even greater sway.
JP Morgan Veteran Daniel Masters Explains How Blockchain Will End Commercial Banks
The most interesting aspect of CBDCs is the impact they will have on
commercial banks and the financial system as a whole. Today, central banks
issue currency to a slew of commercial banks like Chase and Bank of America.
These banks do two things—create products and services such as mortgages,
and deal with the end users. I think we are going into a new paradigm where
central banks issue CBDCs, commercial banks cease to exist and the service
layer is filled by crazy new emerging companies like Compound Finance,
Uniswap, SushiSwap, and people that are really getting distributed,
decentralized finance done today. Then the final interesting layer is who
actually faces the consumer. You can already see that there are multiple
choices. Coinbase would like to get to all the users, as would Binance
though probably not in America. You’ve got wallet infrastructures like
Blockchain.com that already have 50 million outstanding wallets. That said,
you could get incumbents as well. Samsung is putting chips into phones now,
making them essentially hardware wallets. Amazon could come out with a
digital wallet. Whoever owns that level at the bottom is critical.
Quote for the day:
"We are drowning in information, but starved for knowledge." -- John Naisbitt
Quote for the day:
"We are drowning in information, but starved for knowledge." -- John Naisbitt
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