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How can AI support ERM processes and strategy development?

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Marie Bassey Senior ERM Analyst/Project Leader| Government of Canada Burnaby, British Columbia, Canada
How can AI be used for quantitative risk analysis within restricted government domains?
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Sergio Luis Conte Helping to create solutions for everyone| Worldwide based Organizations Buenos Aires, Argentina
AI has been used in those domains from long time ago, at least from 1980 in my personal experience. The key point is to understand what AI is, what type of AI organizations can put in place and then decide how AI, as any other component inside the solution, can help. Most of the time organizations forgot that data used as input for AI components is critical to obtain results.
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Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada
Marie -

Are you looking for different use cases for improving quantitative risk analysis using AI tools or rather wanting to understand how these tools could be used appropriately in government as those are two separate questions?

Kiron
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1 reply by Marie Bassey
Sep 26, 2023 7:47 AM
Marie Bassey
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Hi Kiron - thanks for the great question. Now I think of it, I’m interested in knowing more about using AI for quantitative risk analysis as well as within government.
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Marie Bassey Senior ERM Analyst/Project Leader| Government of Canada Burnaby, British Columbia, Canada
Sep 26, 2023 7:30 AM
Replying to Kiron Bondale
...
Marie -

Are you looking for different use cases for improving quantitative risk analysis using AI tools or rather wanting to understand how these tools could be used appropriately in government as those are two separate questions?

Kiron
Hi Kiron - thanks for the great question. Now I think of it, I’m interested in knowing more about using AI for quantitative risk analysis as well as within government.
...
1 reply by Kiron Bondale
Sep 26, 2023 10:02 AM
Kiron Bondale
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Marie -

1. AI tools will be able to enhance existing quantitative capabilities. As we usually needed to rely on historical data to do quantitative analysis of risks, AI might just improve the efficiency or effectiveness of the process by making the analysis faster or providing access to a broader data set than we might have been able to manually crunch before.

2. Like any other regulated industry where there is sensitive or confidential information, access to that information will be controlled. Ideally, the AI tools can be installed within government data centers or private clouds so there is no increase in the risk of data loss. This might reduce the candidate list for tools and might eliminate some of the newer ones which would correspondingly reduce the efficiency or effectiveness of the process.

Kiron
avatar
Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada
Sep 26, 2023 7:47 AM
Replying to Marie Bassey
...
Hi Kiron - thanks for the great question. Now I think of it, I’m interested in knowing more about using AI for quantitative risk analysis as well as within government.
Marie -

1. AI tools will be able to enhance existing quantitative capabilities. As we usually needed to rely on historical data to do quantitative analysis of risks, AI might just improve the efficiency or effectiveness of the process by making the analysis faster or providing access to a broader data set than we might have been able to manually crunch before.

2. Like any other regulated industry where there is sensitive or confidential information, access to that information will be controlled. Ideally, the AI tools can be installed within government data centers or private clouds so there is no increase in the risk of data loss. This might reduce the candidate list for tools and might eliminate some of the newer ones which would correspondingly reduce the efficiency or effectiveness of the process.

Kiron

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