Build your own business models with Google Cloud

Petra Stojanovic , Business Development Manager

LinkedIn profiel

Is Artificial Intelligence the next big change the financial sector should prepare itself for? Petra Stojanovic, business development manager at Google Cloud, shares her vision.

Why is A.I. important for Risk Management?

Risk Management has always revolved around building models, using any kind of data which can be an indicator of future events. Building these models is still a resource intensive process and, including validation, may take up to 2 years to implement.

Now we have access to:

  • Compute capacity for more complicated (not rule based) models
  • Smarter algorithms
  • Much more data

Enabling us to keep improving models based on new data coming in, faster processing, faster innovation and experimentation, and new indicators that could predict risk.

Artificial Intelligence | IIRWhat role does Google play in a more A.I. integrated risk management process?

Google Cloud provides a public pay per use technology platform offering services based on Google´s leading expertise in A.I. and Machine Learning. Organisations can use this knowledge and technology to build their own models. Combined with domain knowledge of partners like PwC any part of the integrated risk management process can be improved using advanced machine learning models.

How do you foresee the development of regulating A.I. in Risk Management?

Even though A.I. concepts have been around for over 40 years, the availability of huge amounts of compute capacity as well as data, have initiated an enormous increase in interest and use of A.I. in all industries over the past 2 years. Applied A.I. is pretty new in all areas, for both Risk departments as well as for regulators. In the next years developments on both sides will go hand in hand.

Will Google be a competitor in the banking sector?

Who knows? The world is quickly transforming to a place where information is everywhere. Anyone can come up with new ideas for new business models (uber, AirBnB, etc.), with very little starting capital at lightning speed. Any industry can be disrupted by anyone.

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