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- Risk Manager + AI: Taming the Wild West of BYOAI, How AI is Revolutionizing African Finance, Lockchain.ai Raises $5M
Risk Manager + AI: Taming the Wild West of BYOAI, How AI is Revolutionizing African Finance, Lockchain.ai Raises $5M
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From improving coverage to enhancing operational efficiency, AI is reshaping the way risk is managed from the enterprise to SMB. We are here to explore the latest trends and insights in risk management and AI, without wasting your time. What you need to know today, nothing more. Find more on our site.
How AI is Revolutionizing African Finance
AI and Social Inflation are Shaking Up Insurance
AI Revamps Cyber Risk Defense
Taming the Wild West of BYOAI
Lockchain.ai Bags $5M to Shake Up Risk Management
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How AI is Revolutionizing African Finance
The recent African Financial Industry Summit highlighted groundbreaking shifts in finance across the continent, increasingly fueled by AI and data analytics. The event underscored the pivotal role of AI in revamping risk assessment and optimizing operational efficiency in developing nations. AI-driven strategies are reshaping microfinance, offering scalable and sustainable solutions.
- Held in Morocco, the Africa Financial Summit (AFIS) brought together over 1,000 delegates from more than 30 countries.
- Participants included industry leaders, policymakers, and innovators from across the continent and beyond.
- Microfinance institutions are seeing a 30% boost in operational efficiency through AI.
What They're Saying: Frederic Boutet moderated “AI and Payments: Achieving a Transformative Leap in Financial Services,” showcasing how artificial intelligence is reshaping financial inclusion and customer engagement. He highlighted three transformative impacts of AI: “Artificial intelligence enables more personalized offers that fit clients’ needs and expectations. It also enhances speed and efficiency through streamlined back-office processes while mitigating risks like fraud. At the end of the day, AI is fantastic for customer engagement and financial inclusion.”
Why It Matters: AI is not just a trend; it’s a transformative tool that’s setting new standards in finance, particularly for emerging markets. Read More
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Insurance is undergoing a transformation, driven by social inflation, AI risks, and supply chain disruptions. A new report highlights how these factors are redefining coverage needs and pushing companies toward innovative risk management strategies. With AI adoption on the rise, insurers are adapting to new challenges and opportunities presented by technology.
By the Numbers:
- Social inflation has increased claims costs by an estimated 10% annually.
- AI-driven underwriting can save insurers up to 40% in costs.
- Supply chain disruptions have led to a 20% rise in business interruption claims.
Why It Matters: AI and social inflation are not just trends; they're reshaping the very foundation of insurance coverage. Adapting to these changes is crucial for insurers to remain competitive.
What's Next: Insurers will likely continue to embrace AI tools to streamline operations and mitigate risks. Expect more companies to explore self-insurance and alternative risk management options. Read More
AI Revamps Cyber Risk Defense
In the age of digital threats, staying ahead with smart defenses is crucial. Businesses are embracing AI-driven strategies to bolster their cyber risk management. Continuous risk assessment and automated scanning, like those offered by Atlas Systems, are at the forefront of these efforts.
By the Numbers:
- 70% of companies plan to increase cybersecurity spending in the next year.
- Cyberattacks cost businesses $6 trillion globally in 2021.
- 60% of small businesses close within six months of a cyberattack.
What They're Saying: "Cyber risk management helps you pinpoint the vulnerabilities that pose the biggest risk to your organization, whether through a weak access control system, outdated software, or unsecured cloud environments. This way, you can address them before they become a full-blown crisis.”
Why It Matters: With cyber threats evolving by the day, relying on advanced AI solutions can mean the difference between a narrowly avoided crisis and a catastrophic breach.
What's Next: More firms are likely to adopt AI-driven solutions as part of a comprehensive cyber risk management strategy. Read More
Taming the Wild West of BYOAI
Generative AI is booming, AI agents are on the rise, and leaders are grappling with the Bring Your Own AI trend. Employees are harnessing unvetted AI tools, creating a tug-of-war between innovation and risk. The challenge? Finding the sweet spot between leveraging AI's potential and ensuring security. MIT Sloan Management Review recently dove into the balancing act as part of a recent webinar with Barbara Wixom, Nick van der Meulen, and Laurianne McLaughlin.
By the Numbers:
- 100% increase in AI tool usage among employees over the past year.
- 75% of companies lack formal policies on personal AI tools at work.
- 60% of leaders are concerned about data security with BYOAI.
Why It Matters: With AI tools in every worker's pocket, managing risk without stifling innovation is critical for staying competitive. Watch Now
Lockchain.ai Bags $5M to Shake Up Risk Management
Lockchain.ai, a fresh face in the AI space since April 2024, has secured $5 million in Series A funding. The company is working on transforming how traders, investors, and fund managers handle risk management with its automated solutions.
By the Numbers:
- $5 million raised in Series A.
- White Star Capital led the round, with additional investment from Lerer Hippeau, Arrington Capital, and Sonic Boom Ventures, among others.
- Targets traders, investors, and fund managers globally.
Why It Matters: This new funding could accelerate the adoption of AI-driven risk management solutions, potentially reshaping the financial industry's approach to risk. The company says it plans to scale its operations and enhance its platform to offer more comprehensive solutions to the financial sector. Read More