Risk Control And Self-Assessment - How Firms Can Leverage Today’s Technology in Risk Management

Article

As firms face evolving risks, traditional RCSA tools fall short. The integration of AI and advanced technologies can transform risk assessments, streamlining processes and enhancing decision-making. This article explores how cutting-edge tools can drive efficiency and real-time risk mitigation in RCSA.

Jan 27, 2025

Naresh Singhani, Director of Internal Audit Data Analytics, First Citizen Bank

Tags: Operational and Non Financial Risk Stress Testing Resilience

Risk Control And Self-Assessment - How Firms Can Leverage Today’s Technology in Risk Management

The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization

RCSA is vital in identifying risks such as strategic, operational, and financial, yet many firms still rely on outdated tools.
Adopting AI-driven solutions can improve data analysis, reporting, and risk mitigation, offering real-time, actionable insights.
Overcoming data silos and quality issues is crucial to effective RCSA and risk management.
Leveraging technologies like AI, Robotic Process Automation, and risk-specific language models can boost the efficiency and accuracy of risk assessments, enabling firms to proactively address vulnerabilities.