Risk management in the economic sector

Part 3: Technologies and digitalisation in risk management  

In the digitalised business world, technological innovations are revolutionising risk management. Previously reliant on manual processes, companies are now using big data, artificial intelligence (AI) and automation to identify and analyse risks. These technologies offer great opportunities, but also bring challenges.  

Big data enables more precise risk forecasts by extracting critical trends from large volumes of data. Data from social media or customer reviews can reveal potential reputational risks, while market analyses make it easier to assess changes in demand. Banks and insurance companies also benefit from big data, for example to predict payment defaults. However, efficient data processing and data protection pose significant challenges. Without specialists for data analysis, the potential of big data remains limited. 

AI also plays a central role in modern risk management. It analyses data volumes and recognises patterns that human analysts might miss. AI-supported systems enable a faster response to risks through predictions, for example in fraud detection and real-time monitoring of transactions. Through machine learning, AI also automates routine tasks such as risk assessments, which increases efficiency and precision. Nevertheless, the quality of the predictions remains dependent on the database; distorted data can lead to misinterpretations.  

Automation also improves risk management by taking over recurring tasks and relieving managers. It increases efficiency and precision, but can limit critical thinking if the dependency on systems becomes too great. Regular adjustments and reviews of automated processes are therefore crucial.  

In summary, digitalisation in risk management offers valuable insights and efficiency gains. Big data, AI and automation create a strong foundation for future-proof risk management. However, responsible handling of data and a balance between technological and human control are crucial in order to make the most of the potential of digitalisation and make companies resilient to change. 

New perspectives for your company!