DataRobot Blog

APRIL 29, 2022

This provides a great amount of benefit, but it also exposes institutions to greater risk and consequent exposure to operational losses. The stakes in managing model risk are at an all-time high, but luckily automated machine learning provides an effective way to reduce these risks.

Risk 111

Risk Modeling IT Risk Management 111

CIO Business Intelligence

JANUARY 21, 2025

Companies like CrowdStrike have documented that their AI-driven systems can detect threats in under one second. Theres also the risk of over-reliance on the new systems. As AI becomes more prevalent across organizations, theres a growing need for a better understanding of data dependencies and asset management.

Behavioral Analytics 122

Behavioral Analytics Data-driven Risk Insurance 122

CIO Business Intelligence

JANUARY 14, 2025

Documentation and diagrams transform abstract discussions into something tangible. Technical foundation Conversation starter : Are we maintaining reliable roads and utilities, or are we risking gridlock? DevSecOps maturity Conversation starter : Are our daily operations stuck in manual processes that slow us down or expose us to risks?

Enterprise 119

Enterprise Technology Metrics Measurement 119

CIO Business Intelligence

NOVEMBER 4, 2024

This often resulted in lengthy manual assessments, which only increased the risk of human error.” The decision to start in a controlled environment and gradually expand AI capabilities allowed Camelot the time to mitigate risks and hone Myrddin before its rollout in September 2024.

Dashboards 115

Dashboards Risk Risk Management Data-driven 115

Domino Data Lab

AUGUST 6, 2021

Model Risk Management is about reducing bad consequences of decisions caused by trusting incorrect or misused model outputs. Systematically enabling model development and production deployment at scale entails use of an Enterprise MLOps platform, which addresses the full lifecycle including Model Risk Management.

Risk Management 64

Risk Management Risk Modeling Enterprise 64

CIO Business Intelligence

DECEMBER 20, 2024

As concerns about AI security, risk, and compliance continue to escalate, practical solutions remain elusive. as AI adoption and risk increases, its time to understand why sweating the small and not-so-small stuff matters and where we go from here. AI usage may bring the risk of sensitive data exfiltration through AI interactions.

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Risk Measurement Modeling Interactive 105

Smart Data Collective

APRIL 19, 2021

But in most instances, the real risk comes from within. From conversing on personal devices (BYODs) to sending documents to the wrong recipient, or using unsecured applications for transfers, the risk for potential leaks is high. Around 66% of all data leaks are caused by employees making mistakes with digital records.

Risk 126

Risk Management Measurement Optimization 126

O'Reilly on Data

DECEMBER 12, 2019

1] This includes C-suite executives, front-line data scientists, and risk, legal, and compliance personnel. These recommendations are based on our experience, both as a data scientist and as a lawyer, focused on managing the risks of deploying ML. 4] Fairwashing: The Risk of Rationalization , How Can We Fool LIME and SHAP?

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Machine Learning Modeling Testing Risk Management 281

DataRobot Blog

NOVEMBER 17, 2022

What’s your AI risk mitigation plan? Just as you wouldn’t set off on a journey without checking the roads, knowing your route, and preparing for possible delays or mishaps, you need a model risk management plan in place for your machine learning projects. Document Design and Deployment For Regulations and Clarity.

Risk Management 52

Risk Management Risk Modeling Management 52

CIO Business Intelligence

FEBRUARY 21, 2025

Change requests affecting critical aspects of the solution were accepted late in the implementation cycle, creating unnecessary complexity and risk. When this review finally occurred and identified key issues, its findings were ignored, highlighting a systemic failure in the councils risk management approach, the report added.

Reporting 90

Reporting Risk Testing Risk Management 90

Smart Data Collective

SEPTEMBER 17, 2020

Some prominent banking institutions have gone the extra mile and introduced software to analyze every document while recording any crucial information that these documents may carry. Here are a few of the advantages of Big Data in the banking and financial industry: Improvement in risk management operations.

Big Data 145

Big Data Finance Risk Management Risk 145

John Wheeler

NOVEMBER 25, 2020

Integrated risk management (IRM) technology is uniquely suited to address the myriad of risks arising from the current crisis and future COVID-19 recovery. Re-starting business operations will require risk visibility not only across the organization but vertically down through the organization as well. Key Findings.

Marketing 110

Marketing Risk Management Risk Digital Transformation 110

erwin

SEPTEMBER 3, 2020

It documents your data assets from end to end for business understanding and clear data lineage with traceability. Data governance and EA also provide many of the same benefits of enterprise architecture or business process modeling projects: reducing risk, optimizing operations, and increasing the use of trusted data.

Data Governance 144

Data Governance Enterprise Risk Data Lake 144

CIO Business Intelligence

JUNE 6, 2024

RAI Institute described the template as an “industry-agnostic, plug-and-play policy document” that allow organizations to develop policies that are aligned with both business needs and risks.

Risk Management 131

Risk Management Risk Data-driven Consulting 131

IBM Big Data Hub

DECEMBER 8, 2023

.” This same sentiment can be true when it comes to a successful risk mitigation plan. The only way for effective risk reduction is for an organization to use a step-by-step risk mitigation strategy to sort and manage risk, ensuring the organization has a business continuity plan in place for unexpected events.

Risk 67

Risk Strategy Risk Management Insurance 67

CIO Business Intelligence

MARCH 4, 2025

It identifies your organizations most critical functions and assesses the potential risks and impacts to income, opportunity, brand, service, mission, and people. See also: How resilient CIOs future-proof to mitigate risks.) Then, assess the risk likelihood versus impact. Download the AI Risk Management Enterprise Spotlight.)

Testing 64

Testing Risk Consulting Risk Management 64

CIO Business Intelligence

MAY 24, 2022

Deloitte estimates that compliance costs for banks have increased by 60% since the financial crisis of 2008, and the Risk Management Association found that 50% of financial institutions spend 6 to 10% of their revenues on compliance. Depending on the risk level of certain individuals, background checks can range from two to 24 hours.

Risk 145

Risk Reporting Marketing Risk Management 145

CIO Business Intelligence

JULY 1, 2024

By documenting cases where automated systems misbehave, glitch or jeopardize users, we can better discern problematic patterns and mitigate risks. Real-time monitoring tools are essential, according to Luke Dash, CEO of risk management platform ISMS.online.

Reporting 129

Reporting Risk Management Experimentation Risk 129

Smart Data Collective

SEPTEMBER 7, 2021

Properly safeguard physical documents. You and your employees should treat sensitive paper documents with the same level of attention as you treat your online transactions. If the record has served its purpose in your office, keeping it around might be an unnecessary security risk. Ensure you encrypt your data.

Strategy 140

Strategy Risk Measurement IT 140

erwin

MARCH 25, 2021

Risk Management and Regulatory Compliance. Risk management, specifically around regulatory compliance, is an important use case to demonstrate the true value of data governance. According to Pörschmann, risk management asks two main questions. How likely is a specific event to happen? “You

Data Governance 109

Data Governance Cost-Benefit IT Risk 109

erwin

AUGUST 20, 2020

As a practice, EA involves the documentation, analysis, design and implementation of an organization’s assets and structure. With an enterprise architecture management suite (EAMS) , an organization can define and document its structure to more effectively determine how to achieve its goals. Reduced risks and costs.

Enterprise 140

Enterprise Cost-Benefit Risk Data Governance 140

CIO Business Intelligence

SEPTEMBER 17, 2024

All this while CIOs are under increased pressure to deliver more competitive capabilities, reduce security risks, connect AI with enterprise data, and automate more workflows — all areas where architecture disciplines have a direct role in influencing outcomes.

Enterprise 145

Enterprise Digital Transformation Cost-Benefit Risk 145

O'Reilly on Data

JANUARY 22, 2019

However, it is a well documented fact that stocks, bonds, currencies, and commodities have fat-tailed distributions. Yet, finance textbooks, programs, and professionals continue to use the normal distribution in their asset valuation and risk models because of its simplicity and analytical tractability. How realistic is that?

Modeling 202

Modeling Finance Uncertainty Data mining 202

DataRobot Blog

MAY 10, 2022

Addressing the Key Mandates of a Modern Model Risk Management Framework (MRM) When Leveraging Machine Learning . The regulatory guidance presented in these documents laid the foundation for evaluating and managing model risk for financial institutions across the United States. To reference SR 11-7: .

Risk 64

Risk Modeling Machine Learning Data Quality 64

Smart Data Collective

AUGUST 2, 2019

Now, a new benefit of AI is joining the list: avoiding the risk of website accessibility lawsuits. The recently updated policies stipulate that software, hardware, customer support and all documentation must meet certain accessibility standards. Website accessibility lawsuits against ecommerce companies are becoming common.

Risk 93

Risk Machine Learning Sales Visualization 93

CIO Business Intelligence

MAY 2, 2024

Security and risk management pros have a lot keeping them up at night. The digital injection attack A digital injection attack is when someone “injects” fake data, including AI-generated documents, photos, and biometrics images, into the stream of information received by an identity verification (IDV) platform.

Strategy 115

Strategy Risk Management Risk Measurement 115

CIO Business Intelligence

NOVEMBER 21, 2023

Ask IT leaders about their challenges with shadow IT, and most will cite the kinds of security, operational, and integration risks that give shadow IT its bad rep. That’s not to downplay the inherent risks of shadow IT.

IT 137

IT Risk Cost-Benefit Data Science 137

DataRobot Blog

JULY 22, 2022

At many organizations, the current framework focuses on the validation and testing of new models, but risk managers and regulators are coming to realize that what happens after model deployment is at least as important. They may not have been documented, tested, or actively monitored and maintained. Legacy Models. White Paper.

Modeling 105

Modeling Risk Management Testing Risk 105

CIO Business Intelligence

JUNE 27, 2024

They must also introduce operational processes document and disclose copyright-related information during dataset creation.” Effective risk management will be crucial for addressing legal and reputational risks, and innovation strategies may require adjustments to comply with regulatory standards.

Risk 128

Risk Measurement Risk Management Strategy 128

erwin

OCTOBER 17, 2019

it ensures not only access to proper documentation but also current, updated information. The Regulatory Rationale for Integrating Data Management & Data Governance. Data security/risk management. In an M&A scenario, businesses need to ensure their systems are fully documented and rationalized.

Enterprise 106

Enterprise Digital Transformation Data Governance Risk Management 106

CIO Business Intelligence

DECEMBER 19, 2023

Create these six generative AI workstreams CIOs should document their AI strategy for delivering short-term productivity improvements while planning visionary impacts. These workstreams require documenting a vision, assigning leaders, and empowering teams to experiment.

Digital Transformation 143

Digital Transformation Unstructured Data Machine Learning Risk Management 143

Domino Data Lab

JULY 14, 2022

Rather, AI and ML models need to be monitored for validity, and often, they also need to be re-explained and re-documented for regulators. The financial services industries are starting to realize the full import of the fact that, like household chores like dishwashing and garden work, ML models are never really done.

Insurance 98

Insurance Modeling Management Risk Management 98

IBM Big Data Hub

OCTOBER 16, 2023

As more businesses use AI systems and the technology continues to mature and change, improper use could expose a company to significant financial, operational, regulatory and reputational risks. AI governance refers to the practice of directing, managing and monitoring an organization’s AI activities.

Risk 70

Risk Modeling Management Metadata 70

CIO Business Intelligence

APRIL 14, 2023

But just like other emerging technologies, it doesn’t come without significant risks and challenges. According to a recent Salesforce survey of senior IT leaders , 79% of respondents believe the technology has the potential to be a security risk, 73% are concerned it could be biased, and 59% believe its outputs are inaccurate.

Risk 122

Risk Experimentation Marketing Risk Management 122

datapine

FEBRUARY 22, 2022

Improved risk management: Another great benefit from implementing a strategy for BI is risk management. They can govern the implementation with a documented business case and be responsible for changes in scope. On the flip side, document everything that isn’t working. CFOs and CMOs are good fits.

Business Intelligence 218

Business Intelligence Strategy Cost-Benefit Dashboards 218

erwin

SEPTEMBER 17, 2020

For example, automatically importing mappings from developers’ Excel sheets, flat files, Access and ETL tools into a comprehensive mappings inventory, complete with auto generated and meaningful documentation of the mappings, is a powerful way to support overall data governance. Data quality is crucial to every organization.

Cost-Benefit 143

Cost-Benefit Data Governance Metadata Reporting 143

erwin

APRIL 30, 2021

Priority 3: Risk Management – Security and Compliance. Businesses are paying close attention to risk from internal and external sources. Understanding the applications you have, the applications in use, and the applications that are ripe for retirement is an important part of running an efficient IT operation.

Enterprise 131

Enterprise Digital Transformation Risk Management Risk 131