AI and Risk Programme

Transforming Risk and Compliance processes with Artificial Intelligence in Retail banking

WE UNDERSTAND THERE THESE ARE TOP OF MIND PRIORITIES FOR YOU WHEN IT COMES TO AI AND RISK & COMPLIANCE

Fragmented risk data: Move away from the current fragmentation of data and develop a unified view of risk related data within the organisation to improve visibility and decision making

Siloed Processes: Evolve with smarter AI tools and away from siloed excel files and spreadsheets in order to drive greater efficiency for your team

Understanding the value of AI: A robust approach that assess current processes and business priorities against the role and purpose of AI

Validation of AI risk processes: To safely and securely validate how AI tools and management can enhance risk processes to deliver on business priorities and customer experience

Excellent management and accountability: To establish a governance model for this AI approach with clear lines of accountability (for example: who is responsible when the model gets it wrong?)

WITH YOUR PRESENT PRIORITIES IN MIND, WE’VE DEVELOPED A 12-WEEK PROGRAMME TO HELP YOU IMPLEMENT AI AND IMPROVE YOUR RISK AND COMPLIANCE PROCESSES

The problem

A 12 week AI transformation programme

What impact will this programme deliver

The solution

Customer journeys that clearly outline where the opportunities for AI optimisation and standardisation lie

Tested and validated risk and compliance processes enhanced with AI that support the customer experience and business priorities

A governance framework that reinforces and sustains this new AI risk, compliance process

A robust test and learn cycle to enable rapid iteration and improvement of the risk and compliance processes

A repeatable approach that can be adapted and scaled for other risk and compliance initiatives

Above all, this programme delivers the transformation of a single risk and compliance process, a practical implementation plan, and a business case - tested and validated.

A governance model recommendation, including how the process should be managed across people
A set of practical and tested recommendations on areas of improvement and where AI can be applied
An ideal customer experience map to set the basis for developing the model and process
An implementation plan covering timelines, impact on people, process, tech, and data
A business case outline - the size of the prize
A clearly defined set of execution risks
An approach to scale this across key risk processes, focussing on building core capability
An assessment by RiskSmart, proposing an implementation plan for automating key risk-related activities

AI and automation are transforming core banking processes at pace. Leaders are under pressure to adapt, and a key challenge lies in moving beyond tools to implement, govern, and manage these processes to support customers and deliver on business priorities.

We’ve developed a 12-week programme led by Risk, Compliance, AI, and Customer Experience experts to transform their key processes with AI tools and management. Our approach consists of four stages:

Diagnose: existing processes, data, and the customer experience to determine the role and purpose of AI (standardisation, consolidation, optimisation)

Determine: how the risk, compliance process and customer experience will be conducted if enabled by AI, focussing on principles of trust, biases, and human intervention

Develop: A test and iterate approach to develop the AI-enabled process, along with a supporting governance framework. We assess this against the ideal customer experience

Implement: A clear implementation plan covering the impact on people, process risks, and policies along with execution risk. Integration of our trusted Risk Management (upon assessment) platform that enables smart risk control, optimisation of process, insights and reporting.

WHAT TO EXPECT AT THE END OF THIS PROGRAMME

A Validated AI Risk Framework

An AI + Risk & Compliance framework established for a single prioritised process

A governance model that determines how the process should be managed and practically applied

Insights from the test and learn pilot for the prioritised risk, compliance process to help you make decisions to invest and scale

An implementation plan

A set of practical and tested recommendations on areas of improvement and where AI can be applied for the prioritised process

An ideal customer experience map to set the basis for developing the model and process

An implementation plan covering timelines, impact on people, process, tech and data

Opportunity cost and business case

A business case outlining the size of the prize

A clearly defined set of execution risks

An approach to scale this across key risk and compliance processes that focuses on building core capability

An assessment from RiskSmart, proposing an implementation plan for automating key risk-related activities

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