Customers that Use Predict360’s A.I.-Powered Solutions
Predictive Risk Assessment AI
Predict360 Risk Assessment AI identifies existing risks operating outside of tolerance and predicts emerging risks using Artificial Intelligence (A.I.) to augment internal and external risk data. These insights help drive executive decision making and enables the organization to increase profitability, accelerate innovation and improve productivity. Key features include:
- Dashboard with visualizations and reports that identify risks operating outside of tolerance and predict emerging risks
- Risk taxonomy/library to map the customer’s existing risk register
- Key Risk Indicator (KRI) engine that collects internal risk data
- Data feed of external regulatory intelligence data and other market indicators
- Trending/velocity analysis of external and internal data with the ability to dive into the details
- An issue management system
- Available as an integrated module of the Predict360 risk and compliance intelligence solution or as a standalone system
Identifying Key Risk Indicators (KRIs) and Predicting Emerging Risks
While managing risks and implementing controls to mitigate those risks are core functions for any bank, predictive risk modeling or identifying where risks are not operating within tolerance is often difficult to accomplish. Common challenges include:
- Key Risk & Performance Indicators (KRIs/KPIs) can help predict risks that are operating out of tolerance, but risk managers often have difficulty obtaining this data from the business lines
- While internal data and KRIs can indicate problem areas, linking those KRIs to the associated risks and identifying the risks operating outside of tolerance in real-time is hard to accomplish
- External data, trends and news can indicate emerging areas of risk within the industry, but often are only evaluated by the bank during annual risk assessments or as part of a regulatory examination
- Information is scattered across the organization in different files and reports, and requires significant manual effort and causes major delays in creating a dashboard/report that shows risks, their associated KRIs & KPIs and identifies which risks are operating outside of tolerate
Benefits of Predictive Risk Intelligence & KRI Management
Banks often manage risks assuming controls are operating properly and that risks are operating at a residual risk level set once a year during their risk assessment process. Identifying the actual current risk level and even predicting where risks intelligence levels may be if actions are not taken is much more challenging. However, there are solutions available to help manage risks more effectively and proactively:
- Changes made to controls or business processes can quickly update their associated risks and help management and board of directors prioritize their focus to optimize their business operations and profitability
- External news and trends in the market can indicate areas of concern that risk managers should examine further.
- Provide out-of-the-box KRIs based on industry-specific external data (such as amount of changes or number of enforcement actions in a specific regulatory area) to automatically identify and flag risks within your organization that may not be consistent with those changes.
- Capturing internal KRIs/KPIs in an automated fashion and automatically identifying and highlighting where risks may be operating out of tolerance in real-time.
- Generate accurate and up-to-date risk reports with current risk levels quickly and easily, instead of providing static reports with outdated data to board of directors and management executives that take days to create each quarter.
Risk Prediction and Predictive Risk Analysis with Predict360 Risk Insights
- An out of the box risk reporting solution using artificial intelligence technology to generate powerful predictive risk analysis and insights with an easy to use interface
- Leverage the power of collecting internal and external data/KRs/KPIs and apply them to your risk analysis
- Collect external data feeds such as regulatory intelligence data and calculates velocity changes and trending based on that data for predicting risks.
- Monitor risk levels in real-time across the organization using built-in KRIs and KPIs
- Predict360 Risk Insights provides real-time insights into predicting emerging risk and identifying risk that are not operating within your expected tolerance levels
- Predict360 Risk Insights dramatically reduces the effort to create risk reports and actionable intelligence
We look forward to working with 360factors to advance our enterprise risk and compliance programs for the bank while increasing the products and services we offer to the community.
Mark CaselChief Risk Officer
As part of our initiative to expand our products and services, we wanted to enhance our enterprise risk and compliance management to support this growth. Predict360 will enable our team to meet these goals efficiently.
David ClaussenChief Risk Officer
360factors’ solutions, powered by artificial intelligence, enables our organization to adapt and respond effectively to the ever-changing regulatory compliance landscape
Joanna ChancellorBusiness Support Manager
The powerful features combined with the easy implementation of the cloud solution made Predict360 a great fit for our organization.
Steve ParkerChief Executive Officer
We believe our collaboration with 360factors and the technology they bring supports our vision for the future.
Gina AnonuevoChief Compliance Officer
Deploying Predict360 is another step by us towards becoming a more streamlined and efficient organization.
Crystal BarnesRegulatory Compliance Specialist
