For risk functions, the promise of artificial intelligence has moved past theory and into the realm of practical consideration. The question is no longer “whether” to incorporate AI into an arsenal of third-party risk management tools, but more typically “how, specifically?” or “where first” or “in what order?”
To answer those questions, Tarun Sondhi and Anne Schmitt of KPMG On Demand Services along with Jilane Khakhar of KPMG Forensic Services, discuss how to work through operational hurdles so that AI implementation delivers to its full potential.
Topics addressed include:
- how AI fundamentally changes the way complex information is collected - removing noise from relevant market signals - so that informed decisions may be made
- the power of AI in developing multiple scenarios and outcomes, especially important as companies position for economic recovery
- the ability of AI to monitor for financial distress signals within the supply chain, across multiple risk segments, to capture a holistic view of third-party health
- how AI can help transition from subjective vendor assessments to consistent, algorithmic models that serve throughout the full third-party lifecycle: partner onboarding, contractual management and relationship management
- why AI tools must go beyond the technology to also include the right people and processes in order to ensure true business value.