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RiskSpotlight Portal is an Operational Risk News Service where you can do Horizon Scanning and stay

03/11/2023

Receive bi-weekly updates on emerging operational risk topics & external loss events

The subscribers of RiskSpotlight Portal receive a bi-weekly email update containing key highlights of emerging operational risk topics and external loss events. You can view the copy of this bi-weekly update that was issued to our subscribers today from this link - https://lnkd.in/eTnh7f2x

If your operational risk team can benefit from such updates and access to a wide range of content on emerging operational risks, emerging best practices, deep dive reports, and external loss events then register for a 2 month free trial of the portal from here - https://lnkd.in/gheYfBg (no credit card details required to register for the trial.

17/10/2023

Masterclass for new operational risk professionals.

RiskSpotlight is conducting a 12 hour online course (23-26 October 2023) covering the core operational risk concepts for new operational risk professionals. The course will also cover use of generative AI tools (e.g. ChatGPT) for operational risk activities such as risk identification, control documentation and scenario analysis.

Our teaching style is very practical and we will be covering many real-life case studies in the course. If you or someone in your team can benefit from this course then please visit this link - https://lnkd.in/eUmgN6uH

11/10/2023

Operational Risk Use Cases For Implementing Generative AI

Registration Link - https://lnkd.in/e2PsQP3j

10/10/2023

Join the 300+ operational risk practitioners attending the workshop "Operational Risk Management Meets Generative AI" this week

In this workshop on 12th October 2023, we will share real-life examples on utilising Generative AI tools (e.g. ChatGPT) for operational risk management activities). If you have not already registered then you can register from here - https://lnkd.in/e2PsQP3j

04/10/2023

Boosting 2nd Line OpRisk Productivity in 2024 Without Additional Headcount

Most economic experts are anticipating a mild recession across most G20 nations in 2024. This will make securing additional headcount for the 2nd line OpRisk teams in 2024 challenging. This is typically challenging even during normal economic times. Yet the demands on the 2nd OpRisk functions always keep going only in one direction - up.

For the first time, the 2nd line OpRisk teams can elevate their productivity without expanding headcount. The key? Harnessing the capabilities of Generative AI tools, such as ChatGPT, in operational risk activities. RiskSpotlight's extensive research over the past nine months suggests that these innovative tools can amplify productivity by an impressive 50% to 400%.

Examples of core 2nd line operational risk tasks where RiskSpotlight is convinced Generative AI can deliver significant productivity boost include:
- Challenging 1st line post-RCSA conclusions.
- Overseeing 1st line's self-assessment of controls.
- Questioning 1st line's risk exposures not aligning with set risk appetite.
- Highlighting data quality discrepancies in risk and control registers.
- Overseeing loss events reported by the 1st line.
- Supervising the 1st line's management issues and remedial actions.
- Offering expertise and advice to 1st line on risk-related subjects.
- Annually reviewing documents like the operational risk framework, processes, policies, and risk appetite framework.
- Facilitate 1st line with analysis of external operational risk events
- Support development of scenarios
- Assist 1st line to monitor emerging operational risks & threats

RiskSpotlight's AI Practice boasts a team of seasoned professionals well-versed in both operational risk management for the financial sector and the latest advancements in Generative AI. To discover how your 2nd line team can achieve more in 2024 without expanding your workforce, reach out to us at [email protected]. For a comprehensive overview of our AI Practice, visit: https://lnkd.in/e_9zVZ-J

Additionally, I'll be delving deeper into the applications of Generative AI for operational risk tasks in an upcoming free online workshop on 12th October 2024. If you haven't registered yet, secure your spot now at https://lnkd.in/e2PsQP3j.

27/09/2023

Turning Mountain of Operational Risk Text Data to Risk Goldmine with Generative AI

For years, the management of operational risks has been synonymous with the generation of vast amounts of textual data. Be it risk descriptions, assessment justifications, loss event narratives, control testing evidence, or details about issues and action plans - the sheer volume of text was overwhelming.

Traditionally, this posed a stark contrast and disadvantage compared to the structured data in financial risk disciplines such as credit and market risk. Risk owners and operational risk teams found themselves sifting through mountains of text, striving to distill meaningful insights for senior management and boards. The challenge was real: how do you translate extensive textual data into actionable intelligence?

ChatGPT was launched in November 2022 and started a wave of innovation of similar tools which are collectively referred to as Generative AI tools. As these tools primarily work on text data, what was once deemed a hurdle in operational risk management has now transformed into a reservoir of invaluable risk information. With the prowess of Generative AI, 1st lines risk owners can:
🔍 Identify errors and oversights in data.
📊 Assess the completeness and quality of content.
✏️ Seek guidance to elevate the quality of insights.
🧠 Analyse vast textual archives to uncover deeper risk exposures, a feat previously unattainable due to human limitations.

In essence, the operational risk landscape is witnessing a revolution. With Generative AI, we're not limited by human constraints of reading large amount of text data. AI tools can help enhance the understanding of text data and dramatically enhance the risk management capabilities across the firm.

To learn more about how to utilise Generative AI for operational risk management, attend a free online workshop I am conducting on 12th October 2023. Register from here - https://lnkd.in/e2PsQP3j

26/09/2023

Masterclass for new operational risk professionals in financial services industry

RiskSpotlight is looking forward to teaching a 12 hour online course in October 2023. The course is targeted for professionals who are new to operational risk management or are looking to pursue their career in this discipline. Find more details on this practical course and register from here - https://lnkd.in/eUmgN6uH

20/09/2023

🚀 Harnessing AI for Scenario Development!

Imagine crafting intricate operational risk scenarios in minutes. With Generative AI, this isn't just possible—it's a game-changer. Here's what AI can do:
📖 Generate detailed scenario storylines based on key drivers.
⚠️ Pinpoint risks that could arise during the scenario.
🛑 Identify controls that might falter.
🛠️ Recommend actionable remediation steps.

Curious about this and other transformative operational risk use cases powered by Generative AI?
👉Join us for a FREE online workshop titled "Generative AI Meets Operational Risk" on 12th October 2023. Register here - https://lnkd.in/e2PsQP3j

15/09/2023

13/09/2023

Free online workshop - "Generative AI Meets OpRisk"

- ChatGPT was launched in November 2022 and became the fastest-adopted technology of all time when it signed up 100 million users in its first two months.

- It is now clear that Generative AI tools like ChatGPT will disrupt every industry globally and the operational risk management discipline is not immune from this global revolution.

- Historically, the extensive textual data produced by operational risk management was seen as a challenge, particularly when contrasted against the more quantifiable financial risk disciplines. However, the paradigm has shifted. This once daunting volume of text data is now a reservoir of opportunity to effectively manage risks using Generative AI.

- Over the past eight months, our team has meticulously researched, tested & documented an extensive library of operational risk use cases where Generative AI tools can deliver significant business benefits. This includes enhanced productivity, deeper risk insights, and a fortified control environment.

- In this free online workshop, we will share our key findings with the global operational risk community. Please register below to join us in this revolution that will touch every operational risk management department globally.

Registration Link - https://lnkd.in/e2PsQP3j

11/09/2023

Masterclass for new operational risk professionals.

RiskSpotlight will be conducting a 12 hour online course (23-26 October 2023) covering the core operational risk concepts for new operational risk professionals. The course will also cover use of generative AI tools (e.g. ChatGPT) for operational risk activities such as risk identification, control documentation and scenario analysis.

Our teaching style is very practical and we will be covering many real-life case studies in the course. If you or someone in your team can benefit from this course then please visit this link - https://lnkd.in/eUmgN6uH.

31/08/2023

Malspam attacks up, new sectors targeted – report

https://lnkd.in/dUwe6ikq

For daily updates on emerging operational risk topics and incidents register for 2 month free trial of the RiskSpotlight Portal at https://lnkd.in/gmswfdY

24/08/2023

Beating MFA Fatigue: Why Hackers Have Resorted to Prompt Bombing

https://lnkd.in/gFEGP_eY

For daily updates on emerging operational risk topics and incidents register for 2 month free trial of the RiskSpotlight Portal at https://lnkd.in/gmswfdY

23/08/2023

Today's WordCloud of Emerging OpRisk Topics

RiskSpotlight Portal is a leading external operational risk content service utilised by financial services firms to monitor emerging operational risk topics and incidents. Our subscribers have access to WordCloud of key operational risk words that have appeared in recent news articles. This feature allows our subscribers to easily view key operational risk topics that are in the news and hence may require their attention. The WordCloud can enrich management risk reports by visualising topical operational risks within the industry.

If you are not a portal subscriber then please register for a free 2 months trial from here - https://lnkd.in/gheYfBg

27/07/2023

Google Categorizes 6 Real-World AI Attacks to Prepare for Now

https://lnkd.in/gSZbSaN9

For daily updates on emerging operational risk topics and incidents register for 2 month free trial of the RiskSpotlight Portal at https://lnkd.in/gmswfdY

06/07/2023

Practical Online Course On Operational Resilience

If your team is planning to expand its knowledge and capabilities on operational resilience in 2023 then please consider attending an online course we are conducting on this topic from 10-12 July 2023. In this practical course you will gain an in-depth understanding of implementation tools and practices to achieve operational resilience in your organisation.

The course will help you understand regulatory expectations and show how best to utilise existing frameworks, especially operational risk management and business continuity management, to deliver the required resilience outcomes.

The key topics that will be covered in this course include:-
- Regulatory origins and international approaches
- Building operational resilience governance
- Embedding operational resilience to operational risk management
- Strategic business continuity, crisis and incident management
- Mapping internal and external resources to critical operations
- The cyber landscape and utilising AI for operational resilience

This practical course will be conducted by following trainers with extensive operational risk management experience within the financial services industry.

- Andrew Sheen
- David Goodyear
- Dr Jimi M.V. Hinchliffe

Register Link - https://lnkd.in/eKcZckgg

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Practical Online Course On Operational Resilience If your team is planning to expand its knowledge and capabilities on operational resilience in 2023 then please consider attending an online course we are conducting on this topic from 10-12 July 2023. In this practical course you will gain an in-depth understanding of implementation tools and practices to achieve operational resilience in your organisation. The course will help you understand regulatory expectations and show how best to utilise existing frameworks, especially operational risk management and business continuity management, to deliver the required resilience outcomes. The key topics that will be covered in this course include:- - Regulatory origins and international approaches - Building operational resilience governance - Embedding operational resilience to operational risk management - Strategic business continuity, crisis and incident management - Mapping internal and external resources to critical operations - The cyber landscape and utilising AI for operational resilience This practical course will be conducted by following trainers with extensive operational risk management experience within the financial services industry. - Andrew Sheen - David Goodyear - Dr Jimi M.V. Hinchliffe Register Link - https://lnkd.in/eKcZckgg

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