Enhancing Your Risk Management Process with Artificial Intelligence

Enhancing Your Risk Management Process with Artificial Intelligence

As risk management platforms embrace Artificial Intelligence (AI), it opens a world of possibilities to elevate the user experience at every stage. A prime example is the incorporation of RAPai, the Risk Assessment Profiler developed by ARETE, which utilizes AI to consolidate risk analytics data from assessments, events, simulations, and the help experience. This comprehensive approach provides users with deep risk insights, enriches their overall risk culture experience, and leverages the power of AI to assist them in understanding risk management.

For years, risk management tools have been employing predictive AI to conduct qualitative, quantitative, and simulation risk analyses. This involves predicting potential risks, assessing impacts, identifying gaps, and proposing mitigation strategies.Now, by harnessing the power of generative AI like ChatGPT, users can access their AI Risk Advisor with a simple click. This Risk Advisor summarizes risk data generated by traditional predictive AI methods and offers recommended mitigation measures. Moreover, users can engage with the Risk Advisor by asking technical questions related to their specific risk situations.

Incorporating AI-generated into Help provides users with specific guidance on effectively utilizing the system and managing risk management processes. A significant advantage is its seamless integration with other systems, such as RAP’s document management integration with SharePoint. The RAP Help AI understands the specifics of SharePoint and offers tailored instructions to achieve desired RAP/SharePoint configurations, making interactions with the platform more intuitive.

Imagine loading a project schedule into RAP to perform a Monte Carlo simulation, and the Help AI provides step-by-step instructions for processing the schedule data within RAP while also offering detailed guidance on how to export data from within Primavera or Project Schedules applications if needed.

AI is also knowledgeable of many regulatory requirements such as NERC, NIST, CIS and more. RAPai understands these standards and leverages them to explain the advisory suggestions.  AI knows how to use all major applications so long as they were developed prior to 2021.

RAPai, the Risk Assessment Profiler developed by ARETE is a feature-rich Integrated Risk Management Platform that empowers organizations to conduct risk-based portfolio management across various aspects of their operations. Integrated with ChatGPT, RAPai introduces your live Risk Advisor, enriching the user experience throughout the platform.

Authored by: Carlos Mendizabal, President of ARETE Consulting Services Inc., Developers of RAP Risk Assessment Profiler.