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What lies in RA's and FMS's Future?

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[24.04.2017]

WeDo Technologies, an active participant and sponsor of the UK-based Risk Assurance Group (RAG), joined some of the industry greats in a two day session that covered #FraudManagement #RevenueAssurance, other kinds of #BusinessAssurance, #EnterpriseRiskManagement #Security and #CreditRisk

The mood was set with the very first panel consisting of key BT staff relaying their experiences using AI to review over 400,000 BT contracts; and taking the attitude that you spend money on automating routine assurance tasks to free up staff so they can do more exciting work that extends the scope of work and increases the benefits delivered. The sheer scale of BT’s efforts across the whole group had the audience blown away, but the scale of senior management buy-in for the RAFM efforts was most inspiring.

RAG’s Lee Scargall shared a survey of risk management in UK telcos, followed by a conversation with Peregrine Chard, Ericsson Consulting Director. The audience took away a really strong message: companies that do a good job of managing risk will quickly recover from setbacks. Companies that do not do a good job of managing risk will, undoubtedly lose billions, which may never recovered.  

Then onto slicing and dicing fraud management and the way in which it is constantly being reinvented. Detection is no longer good enough. Current technology allows for fraud prevention. How? By doing biometric checks on prospective customers, for instance, or by cutting off calls before they are connected. These are exciting times for those willing to embrace the technology.  Those who are unwilling may find themselves left out in the cold as other enterprises, like banks, secure a trusted relationship with customers who are tired of scandals, hacking attacks, phishing.

I delivered a rather controversial presentation, as it turned out, about determining customer risk using social media in cases where credit scoring was not available or as supplement to it. By demonstrating how easily public information could be collected and processed in real-time utilizing big data and AI technologies I was able to introduce a whole new way of assessing risk before it occurred. The concept of any type of Digital Footprint assessment generated many questions, especially around the pending GDPR regulations being mooted for Europe.

But it was the question of education that really had the session moving. There is a growing requirement for more formal and focused education. Watch this space.

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Tony Poulos

Market Strategy Advisor at WeDo Technologies