Elevating Integrated Risk Management through Artificial Intelligence

Companies are operating in an unpredictable and continuously changing world. In a fast-paced hypergrowth industry like risk management, tools developed and used across the sector will continue to revolutionize how we find solutions. One of these tools has already positioned itself as a key component to elevating how organizations operate, particularly in the security industry: Artificial Intelligence (AI).

“AI is already a game-changer in risk management and with the continued research and efforts being put behind its power, and potential by the brilliant minds in the space, will only continue to prove its unmatched value,” says AI expert Matteo Grella. 

The key advantage of AI is its ability to transform data into knowledge automatically by processing and tagging content — such as incidents or customer requirements — with metadata, classifying and aggregating them, and making them easy to retrieve and process for in-depth analysis. This allows a better understanding of event impacts, implications, and outcomes, opening the door for companies to determine more accurately and efficiently where data is coming from and how it can be best utilized to enhance their services.

For risk management firms, AI supports analysts by rapidly tracking global and hyperlocal events. When used as part of a more nuanced process called online threat monitoring (OTM), the AI uses Machine Learning techniques applied to natural language processing and audio-video analysis for information filtering, for example, to distinguish incidents or threats from non-relevant data.

AI can identify and process massive amounts of data via various avenues, including Open Source Intelligence (OSINT), such as online media, magazines, radio, television, and newswires, and Social Media Intelligence (SOCMINT), which encompasses all social networking sites such as Twitter and Telegram – all with a degree of autonomy.

To put it simply, AI does in a matter of seconds what it would take people hours. As a result, analysts can avoid repetitive monitoring tasks and instead focus on evaluating events and producing analysis, tasks in which the human brain still reigns supreme.

“This process extracts, analyzes, and outlines the most important information in over 45 languages maintaining state-of-the-art accuracy, resulting in wider (coverage), deeper (hyperlocal), faster (speed) and curated (precision) intelligence,” Grella explains.

Both the behavior of mankind and the unfolding of events are ever-evolving and sometimes unpredictable. On the other hand, we live in an age where vast amounts of information are immediately available online, with an estimated size of around 5 million terabytes of data. Sources can come from anywhere, and up to 90 percent of that data is characterized by unstructured information, like text, video, audio, and social media.

The marriage of “man and machine” — rather than relying solely on AI — leverages the knowledge and resources that both offer. This union will revolutionize how we gather, analyze, and utilize information in any industry, at any level, for any purpose.

“A conscious use of AI by combining man and machine, is not only crucial to improve the performance of your business but vital to taking it to the next level,” says Grella.

For an industry rooted in timely and accurate intelligence that, in many cases, is essential to the safety of people, assets, and organizations across the globe, the value of AI is simply unmatched. And in order to fully utilize all of its potential, companies must work from a unique approach to intelligence gathering by leveraging the value of open sources, combining man and machine, and supporting search and analysis methodologies based on the most recent advancements in information technology research.

Crisis24 provides in-depth intelligence, planning, and training, as well as swift and actionable responses to keep your organization ahead of emerging risks. Contact us to learn more.