9MAY 2022"How do we implement "real-time" risk management? As I thought about this question, it let me to wonder whether the collective "we" are effectively managing risks, or are we instinctively reacting to them? The answer is not cut and dry. In some ways, "we" are effectively managing the risks...that we know about. "We" can identify, measure, and monitor the risks we can see...in front of our faces, as well as in our direct line of peripheral vision. Once these risks get outside of the direct peripheral view (more along the lines of emerging risks), we are much more challenged...but why? The thread of collaboration continues with this question. Since any one of us may be a generalist or even very specialized in only one or two risk areas, then the collective "we" can pool our experiences, our thoughts, and even some of our "wild ideas" in regard to identifying and managing some of the risks "we" may not immediately see...but sense are right around the corner.A side note - I believe risk management professionals are going to have to adopt the convergence of business intelligence, machine learning, automated intelligence, and robotic process automation if we are going to truly realize "real-time risk management." But, this will bring an entirely different perspective to that element of risk management called Model Risk Management...so be prepared!At the end of the day, these are just my opinions. I believe it takes a village to manage risks! I have been grateful for those from whom I have learned many lessons...both good lessons and the occasional "what I should not do." I would encourage each reader to consider a collaborative approach to each of your respective areas of risk. I do believe that as you process through the risks associated with this digital transformation we're experiencing, "we" will bring forward a simple and efficient approach to effectively manage these risks! Collaboration is no longer just a wonderful idea...it is a necessity if we are going to truly be able to manage the risks that we face today, as well as the risks of tomorrow
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