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How Big Data is Revolutionizing Political Campaigns in America

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How Big Data is Revolutionizing Political Campaigns in America

No doubt that big data is altering the manner in which politicians win elections in America, but it is also breaking American politics. So was the verdict in a column by NBC’s Chuck Todd and Carrie Dann.

According to Todd and Dann, recent technological advancements give access to detailed voter information and demographic data, like what they watch, what they shop and what they read; campaign initiators are completely aware of the preferences of voters. Hence, it enables them to target people who are most likely to vote for them through ads and other relevant content. They don’t feel the need to persuade the ones who are less likely to agree with their ideologies. Clearly, this is a crisis situation that fuels polarization within a governing system. It is encouraging campaigns to appeal to their most likely supporters rather than all their constituents. Also, this process is cheaper and faster.

Eitan Hersh, a notable professor of political science at Yale University conducted research on the role of big data and modern technology in mobilizing voters. So, let’s find out if his research work indicates the situation to be as adverse as Todd and Dann claims it to be.

New sources of data:

Earlier, campaigns relied on surveys to generate their data sets, which were based on a sample of the entire population. Now campaigns can use data that is based on the entire population. The data sets that are looked into include voter registration data, plenty of public datasets and consumer databases. Zonal data, like neighborhood income, can be accessed via the Census Bureau. Information about a voter, like her party affiliation, gender, age, race and voting history is often listed in public records. For example, if a democratic campaign is aware that a person has voted for a Democratic party previously, is Latino or of African origin and is under 25 years, then it is highly probable that this person will vote for them.

Once campaigns chalk out their team of supporters, they employ party workers and tools like mails and advertisements to secure their votes.

Hacking the electorate:

According to Eitan Hersh, it is truly impossible to completely understand the interests of the entire population of voters. However, campaigns are focusing heavily on gathering as much data as possible. The process consists of discovering new ways existing data can be utilized to manipulate voters; asking the right questions; predicting the likeliness of a group to vote for a particular candidate, etc. They need to find sophisticated ways to carry out these plans. The ever increasing volume of data is definitely aiding these processes. Campaigns can now customize their targeting based on individual behavior instead of the behavior of a standard constituent.

Types of targeting:

There are chiefly 4 methods of targeting, which are not only used for presidential elections but also for targeting in local elections. These are:

  1. Geographic targeting: This helps target people of a particular zip code, town or city and prevents wastage of money, as ads are focused on people belonging to a specific voting area.
  2. Demographic targeting: This helps targeting ads to specific groups of people, such as professionals working in blue-chip companies, men within ages 45 and 60 and workers whose salaries are within $60k per year for example.
  3. Targeting based on interest: For example, ads can be targeted to people interested in outdoor sports or conservation activities.
  4. Targeting based on behavior: This is basically the process in which past behavior and actions are analyzed and ads are structured based on that. Retargeting is an example of behavioral targeting where ads are targeted to those who have interacted with similar posts in the past.

To conclude, it can be said that victory in politics involves a lot more than using the power of big data to reduce voters to ones (likely voters) and zeros (unlikely voters). Trump’s victory and Clinton’s defeat is an example of this. Although, Clinton targeted voters through sophisticated data-driven campaigns, they might have overlooked hefty vote banks in rural areas.

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To read more interesting blogs on big data and its applications, follow Dexlab Analytics – we provide top-quality big data Hadoop certification in Gurgaon. To know more, take a look at our big data Hadoop courses.

References: 

https://www.vox.com/conversations/2017/3/16/14935336/big-data-politics-donald-trump-2016-elections-polarization

https://www.entrepreneur.com/article/309356

 

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An ABC Guide to Sampling Theory

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An ABC Guide to Sampling Theory

Sampling theory is a study involving collection, analysis and interpretation of data accumulated from random samples of a population. It’s a separate branch of statistics that observes the relationship existing between a population and samples drawn from the population.

In simple terms, sampling means the procedure of drawing a sample out of a population. It aids us to draw a conclusion about the characteristics of the population after carefully studying only the objects present in the sample.

Here we’ve whisked out a few sampling-related terms and their definitions that would help you understand the nuanced notion of sampling better. Let’s have a look:

Sample – It’s the finite representative subset of a population. It’s chosen from a population with an aim to scrutiny its properties and principles.

Population – When a statistical investigation focuses on the study of numerous characteristics involving items on individuals associated with a particular group, this group under study is known as the population or the universe. A group containing a finite number of objects is known as finite population, while a group with infinite or large number of objects is called infinite population.

Population parameter – It’s an obscure numerical factor of the population. It’s no brainer that the primary objective of a survey is to find the values of different measures of population distribution; and the parameters are nothing but a functional variant inclusive of all population units.

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Estimator – Calculated based on sample values, an estimator is a functional measure.

Sampling fluctuation of an estimator – When you draw a particular sample from a given population, it contains different set of population members. As a result, the value of the estimator varies from one sample to another. This difference in values of the estimator is known as the sampling fluctuations of an estimator.

Next, we would like to discuss about the types of sampling:

There are mainly two types of random sampling, and they are as follows:

Simple Random Sampling with Replacement

In the first case, the ‘n’ units of the sample are drawn from the population in such a way that at each drawing, each of the ‘n’ numbers of the population gets the same probability 1⁄N of being selected. Hence, this methods is called the simple random sampling with replacement, clearly, the same unit of population may occur more than once inj a simple. Hence, there are N^n samples, regard being to the orders in which ‘n’ sample unit occur and each such sample has the probability 1/N^n .

Simple Random Sampling Without Replacement

In the second case each of the ‘n’ members of the sample are drawn one by one but the members once drawn are not returned back to the population and at each stage remaining amount of the population is given the same probability of being includes in the sample. This method of drawing the sample is called SRSWOR therefore under SRSWOR at any r^th number of draw there remains (N-r+1) units. And each unit has the probability of 1/((N-r+1) ) of being drawn.

Remember, if we take ‘n’ individuals at once from a given population giving equal probability to each of the observations, then the total number of possible example in (_n^N)C i.e.., combination of ‘n’ members out of ‘N’ numbers of the population will from the total no. of possible sample in SRSWOR.

The world of statistics is huge and intensively challenging. And so is sampling theory.

But, fret now. Our data science courses in Noida will help you understand the nuances of this branch of statistics. For more, visit our official site.  

P.S: This is our first blog of the series ‘sampling theory’. The rest will follow soon. Stay tuned.

 

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Adopt Machine Learning and Personalize Marketing Game Big Time

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Adopt Machine Learning and Personalize Marketing Game Big Time

In the last couple of years, Netflix and Spotify have altered our digital expectations. The technology that these fast-growing streaming media companies use to generate fulfilling customized experiences is a particular kind of Artificial Intelligence, known as Machine Learning.

Highly technical though it sounds, Machine Learning is the most valuable, new-age tool that all the marketers need to employ right now. To better explain the nuanced concept, we’ll start with an approach that preceded it.

Human-based Marketing: Limited Scope

Previously, rules and segmentation used to dominate marketing domains; most of the customized experiences in the past were delivered through a set of norms, created manually by a marketer based on some predetermined criteria. Though the approach worked, but its scope was very limited.

The hitch is that the humans wrote the rules, based on what they believed true and right. But, remember, each human being is unique, and so is their perception. Also, their intent varies from time to time. In short, there exists too much data for a normal human being to assess or sort without taking the help of machines, or in this case Machine Learning.

The Rise of Machine Learning

Instead of relying on human intuitions, machine learning algorithms offer an innovative way for marketers to curate incredible experiences for individuals. No longer does the computer follow any rules and commands, rather we’ve programmed it to learn everything about a particular person, so that it can conjure up the experience that appeals to him the most.

For improved machine-learning personalization, marketers should build and feed in own ‘recipes’ to the computers that tell the kind of information to consider, when formulating someone’s digital campaign.

 Sometimes, the algorithms can be pretty simple, such as showing trending topics or they can be very complex, like decision trees or collaborative filtering. It all depends on the marketers to devise a strategy that would ensure the best customized experience for the visitors, of course with Machine Learning using Python.

Decision-making Induced by Machine Learning

When you speak with a person, you know what to say next and when to stop, based on the idea of previous encounters with him/her. Now, if it’s for the first time you’re speaking with him, you behave in a way you are expected to, based on social interactions with others.

Machine learning functions in the same way. Based on recognition and remembering past situations, this type of learning creates a fluid pattern that controls next behaviors.

It uses real data to derive at decisions, just similar to a normal human being who would come to a conclusion after a conversation.

As parting thoughts, humans shouldn’t hand over everything to the machines; machine learning can be all so rosy and perfect, but it’s us who needs to define, examine and refine the algorithms to make them work and fulfill the overall objectives of one-to-one customization and superior brand experience for the clients.

Of course, machine learning has over-the-top advantages against traditional human-based approaches, but it’s us who have developed them. And that matters!

For business analyst training courses in Noida, drop by DexLab Analytics. They are specialists in a number of in-demand skills, including big data hadoop, SAS and R programming, amongst others.

 

The blog has been sourced from – https://www.entrepreneur.com/article/311931

 

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Want to Develop an AI Chatbot? Know How:

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Want to Develop an AI Chatbot? Know How:

As businesses are focusing on improving customer engagement and building personalized experiences for them, AI-powered chatbots are rapidly becoming the norm to meet user-centric tasks. Gartner proclaims that by 2020, 85% of interactions between customers and a brand will occur through chatbots. Microsoft’s CEO, Satya Nadella rightfully says, ‘’ Bots are the new apps.”

It is important for a chatbot to have a ‘’human touch’’. The key to that is its intelligent quotient.

So, you want to build a smart AI chatbot? In this blog, we shall discuss some important pointers to get you started.

  • Understand Customers:

The most important thing to keep in mind while building a chatbot is the goal of building it. So, a chatbot needs to understand what users demand from it very well. Hence, the better the designer understands the goals; the superior will be the quality of the bot. A chatbot needs to be familiar with the most commonly asked questions and also needs to provide relevant answers to those. The two common goals of building a chatbot are helping users or collecting information from them. Helper chatbots employ natural language processing (NLP) and have strong understanding capabilities. These bots can be used to carry out a variety of tasks, like buying products or booking hotel rooms. On the other hand, collector bots adhere to a pre-defined set of questions and don’t have the ability to respond when presented with new queries. However, by utilizing intelligent platforms, the performance of collector bots can be enhanced; they learn to respond to unknown queries by intelligently presenting the information they collect.

  • Designing Conversational Flow:

Creating a conversation flow chart is a crucial phase of building a smart chatbot. Here are the steps that you need to follow:

  1. Write down a standard conversation
  2. Jot down the possible ways in which a user can go off track
  3. Learn to deal with such off track queries. Here, interacting with existing online bots proves extremely useful. Ask questions in order to break their flow and note down the responses you get. Apply these to your flow. David Low, chief technology evangelist for Amazon Alexa, has stressed on the importance of creating a conversation script and testing it back-and-forth.
  4. It is advisable to present your bot as a non-human character. For example, to make it clear that your platform is a bot, greet users with a welcome message and state all the tasks your text platform can perform.

  • NLP and Machine Learning:

Natural language processing (NLP) platforms, like WIT, API and LUIS are the driving force behind intelligent chatbots. They analyze and resolve sentences into intent, agents, actions and contexts. NPL platforms help identifying links between words and determining parts of speech like nouns, verbs and adjectives. When it comes to leveraging machine learning or NPL for your bot, consider open and closed sources, generative and retrieval-based models before settling for the ideal model.

Want to Develop an AI Chatbot? Know How:

Conversations happening in social media platforms include a variety of topics and fall under open domain category. However, if you wish to regulate input and output for a bot then you must opt for a closed domain. Retrieval-based models work with predefined responses whereas; generative models have the ability to come up with new responses. A complex feature like sentiment analysis can also be incorporated in chatbots through NPL. This is useful in situations where a chatbot is unable to satisfy a customer. In such cases it transfers the problem to a human customer representative.

In future, companies will be increasing dependent on chatbots to boost their sales. Hence, professionals with expertise in this upcoming tech are likely to be highly valued. So, if you want to be part of that elite group then you must enroll for machine learning training in Delhi at Dexlab Analytics– our seasoned consultants offer the best machine learning courses in Delhi.

 

References:

https://moz.com/blog/chat-bot

https://intellipaat.com/blog/how-to-build-an-artificial-intelligence-chatbot/

https://www.marutitech.com/make-intelligent-chatbot/

 

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Big Data Could Solve Drug Overdose Mini Epidemic

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Big Data Could Solve Drug Overdose Mini Epidemic

Big data has become an essential part of our everyday living. It’s altering the very ways we collect and process data.

Typically, big data in identifying at-risk groups also shows signs of considerable growth; the reasons being easy availability of data and superior computational power.

The issue of overprescribing of opioids is serious, and over 63000 people has died in the United States last year from drug overdose, out of which more than 75% of deaths occurred due to opioids. Topping that, there are over 2million people in the US alone, diagnosed with opioid use disorder.

But of course, thanks to Big Data: it can help physicians take informed decisions about prescribing opioid to patients by understanding their true characteristics, what makes them vulnerable towards chronic opioid-use disorder. A team from the University of Colorado accentuates how this methodology helps hospitals ascertain which patients incline towards chronic opioid therapy after discharge.

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Big Data offers helps

The researchers at Denver Health Medical Center developed a prediction model based on their electronic medical records to identify which hospitalized patients ran the risk of progressing towards chronic opioid use after are discharged from the hospital. The electronic data in the record aids the team in identifying the number of variables linked to the advancement to COT (Chronic Opioid Therapy); for example, a patient’s history of substance abuse is exposed.

As good news, the model was successful in predicting COT in 79% of patients and no COT in 78% of patients. No wonder, the team claims that their work is a trailblazer for curbing COT risk, and scores better than software like Opioid Risk Tool (ORT), which according to them is not suitable for hospital setting.

Therefore, the prediction model is to be incorporated into electronic health record and activated when a healthcare specialist orders opioid medication. It would help the physician decipher the patient’s risk for developing COT and alter ongoing prescribing practices.

“Our goal is to manage pain in hospitalized patients, but also to better utilize effective non-opioid medications for pain control,” the researchers stated. “Ultimately, we hope to reduce the morbidity and mortality associated with long-term opioid use.”

As parting thoughts, the team thinks it would be relatively cheaper to implement this model and of great support for the doctors are always on the go. What’s more, there are no extra requirements on the part of physicians, as data is already available in the system. However, the team needs to test the cutting edge system a number of times in other health care platforms to determine if it works for a diverse range of patient populations.

On that note, we would like to say DexLab Analytics offers SAS certification for predictive modeling. We understand how important the concept of predictive analytics has become, and accordingly we have curated our course itinerary.

 

The blog has first appeared on – https://dzone.com/articles/using-big-data-to-reduce-drug-overdoses

 

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Here’s How Technology Made Education More Enjoyable and Interactive

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Here’s How Technology Made Education More Enjoyable and Interactive

Technology is revamping education. The entire education system has undergone a massive change, thanks to technological advancement. The institutions are setting new goals and achieving their targets more effectively with the help of new tools and practices. These cutting edge methods not only enhances the learning approach, but also results in better interaction and fuller participation between teachers and students.

The tools of technology have turned students into active learners; they are now more engaged with their subjects. In fact, they even discover solutions to the problems on their own. The traditional lectures are now mixed with engaging illustrations and demonstrations, and classrooms are replaced with interactive sessions in which students and teachers both participate equally.

Let’s take a look at how technology has changed the classroom learning experience:

Online Classes

No longer, students have to sit through a classroom all day. If a student is interested in a particular course or subject, he or she can easily pursue degrees online without going anywhere. The internet has made interactions between students and teachers extremely easy. From the comfort of the home, anyone can learn anything.

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Free educational resources found online

The internet is full of information. From a vast array of blogs, website content and applications, students as well as teachers can learn anything they desire to. Online study materials coupled with classroom learning help the students in strengthening their base on any subject as they get to learn concepts from different sources with examples and practice enough problems. This explains why students are so crazy for the internet!

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Webinars and video streaming

The facilitators and educationists are nowadays looking up to video streaming to communicate ideas and knowledge to the students. Videos are anytime more helpful than other digital communications; they help deliver the needful content, boosting the learning abilities among the learners, while making them understand the subject matter to the core. Webinars (seminars over the web) replaces classroom seminars; teachers look up to new methods of video conferencing for smoother interaction with the students.

Podcasts

Podcasts are digital audio files. Users can easily download them. They are available over the internet for a bare subscription fee. It’s no big deal to create podcasts. Teachers can easily create podcasts that syncs well with students’ demand, thus paving a way for them to learn more efficiently. In short, podcasts allow students a certain flexibility to learn from anywhere, anytime.

Laptops, smartphones and tablets

For a better learning experience overall, both students and teachers are looking forward to better software and technology facilities. A wide number of web and mobile applications are now available for students to explore the wide horizon of education. The conventional paper notes are now replaced with e-notes that are uploaded on the internet and can be accessible from anywhere. Laptops and tablets are also used to manage course materials, research, schedules and presentations.

No second thoughts, by integrating technology with classroom training, students and teachers have an entire world to themselves. Sans the geographical limitations, they can now explore the bounties of new learning methods that are more fun and highly interactive.

DexLab Analytics appreciates the power of technology, and in accordance, have curated state of the art Data Science Courses that can be accessed both online and offline for students’ benefit. Check out the courses NOW!

 

The article has been sourced from – http://www.iamwire.com/2017/08/technology-teaching-education/156418

 

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Top 5 AI-based Applications for Crime Prevention and Detection

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Top 5 AI-based Applications for Crime Prevention and Detection

Companies and cities across the globe are attempting to employ AI in a plethora of ways to address crime. Day by day, city’s infrastructure is becoming smarter and tech-efficient. Crime detection is no more a catch-22. With easy availability of real time information, it’s now easier to detect crimes.

Here, we are going to dig into a few present AI applications in crime detection and prevention:

Gunfire Detection – ShotSpotter

ShotSpotter utilizes smart city infrastructure to pinpoint the area from where the gunshot came through. The company representatives claim that their system has the ability to alert authorities in real time with the data about what kind of gunfire it was and the exact location as accurate as 10 feet. Thanks to multiple sensors and their machine learning algorithm. They work by picking up the sound of the gunshot.

At present, they are being used in over 90 cities across the world, including Chicago, New York and San Diego.

AI Security Cameras – Hikvision

China’s top notch security camera producer, Hikvision made an announcement last year: they are going to use chips from Movidius (an Intel company) to develop cameras that would run intricate, deep neural networks right away.

They claim this new camera would better scan the license plates on cars, perform facial recognition for potential criminals and automatically identify suspicious anomalies. Currently, their advanced visual analytics systems can achieve 99% accuracy and with 21.4% of market share for CCTV and Video Surveillance Equipment worldwide, Hikvision has clearly secured a respectable position in the video surveillance space.

Predict crime locales – Predpol

Predicting future crime spots is no mean feat! But Predpol is proud to venture into that nuanced area with their powerful big data and machine learning capabilities that can predict the time and location new crimes are most likely to happen. And that can be done through data analysis of past crimes. Historical data plays an integral part in building such algorithms.

Los Angeles is one of the American cities that have adopted their system, among others.

Who commits the crime – Cloud Walk

Cloud Walk, the Chinese facial recognition enterprise is foraying into a new scope of technology where it would be possible to predict if a person decides to commit a crime, even before he attempts to. As a result, they have built a system to detect suspicions changes in the manner or behavior of an individual. For example, if a person buys a hammer, that’s completely fine. But of course, if he buys a knife and a rope, he comes under the radar of suspicion.

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Find suspects most likely to commit another crime – Hart

If you know, the individuals charged of a crime are soon released until they stand trials. Now, deciding who should be released pre-trial is like being in deep water. For that, Durham, UK has employed AI technology to enhance their current system of deciding which suspect to release. The program is called Harm Assessment Risk Tool (Hart), and is fed with 5 years’ worth of criminal data for smoother prediction of a person’s vulnerability towards crime.

A whole body of data is used to predict whether an individual falls under the purview of low, medium or high risk. Comparing the prediction with the real world results, we found out that most of the predictions of HART were close to being accurate.

The robust growth of AI and machine learning is the best thing since sliced bread. Their superior technology for crime detection is already in place, and is growing to expand further in the future.

Keeping that in mind, we at DexLab Analytics offer a bunch of Machine Learning Using Python courses to shape your future for good. Our Machine Learning Courses are of top quality and fits the budget of all.

The article has been sourced from – https://www.techemergence.com/ai-crime-prevention-5-current-applications/

 

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Top 4 Applications of Cognitive Robotic Process Automation

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Top 4 Applications of Cognitive Robotic Process Automation

With the dawn of automation, industries all over the world are depending on robots to carry out tasks, such as product designing and manufacturing. It optimizes repetitive processes and improves cost efficiency. Incorporation of cognitive capabilities, like natural language processing and speech recognition into robotic process automation has resulted in the birth of Cognitive Robotic Process Automation (CRPA). Let’s delve into the current applications of this revolutionary technology.

Finance and banking sector:

Customers are demanding expedient methods to transfer money and make investments.  Also, the volumes of customer data are increasing rapidly. Hence, banks need to improve the speed of information processing. To achieve this, they have turned to process automation. Many banks are adopting AI-powered technology to automate regular processes.

According to a survey conducted by BIS Research, Banking and Finance sector is likely to become the largest revenue generator in the world for CRPA industry. For example, Bank SEB in Sweden bought cognitive robotic process automation software from IPsoft, a foremost company of CRPA industry. This technology is actually a software robot named Amelia that has knowledge of 20 different languages and is aware of semantics, including English and Swedish. In case Amelia fails to solve the problem at hand, it transfers the same to a human operator, and studies the interaction to hone its skills and apply it to similar cases in future.

U.K.’s KPMG has collaborated with Automation Anywhere to provide digital staff for clients.

Insurance:

Task like manual inputs, data gathering and retrieval, legacy applications and system updating is very time consuming. Hence, the insurance industry is welcoming automation in its processes. This help with the following tasks:

  • Automates fraud detection, policy renewal and premium calculation
  • Improves customer service
  • Enhances employee engagement
  • Upgrades business productivity as software robots can work for hours at a stretch
  • Frees employees for important tasks that need manual handling

Developed economies, including U.S. and the European nations are extensively employing RPA/CRPA bots. AXA Group, one of the chief French insurance companies using smart automation services to improve its bankroll, reported that France has the fifth highest insurance premiums in the world.

Leading IT service provider of Australia, DXC Technology, has partnered with Blue Prism, one of the best companies providing RPA solutions, to improve the RPA capabilities for key insurance clients, like Australia and New Zealand Banking Group (ANZ). Fukoku Mutual Life Insurance, top insurance firm of Japan, has replaced 30 human workers with IBM’s latest AI tech, Watson Explorer. The tech’s deployment has boosted company savings and enhanced productivity by 30%.

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Telecom and IT Industry:

Business process outsourcing (BPO) services are facing problems like increased operational costs and low profit margins. RPA/CRPA software bots can be one of the ways to tackle this problem. Hexaware Technologies, a topnotch company in this field, has partnered with Workfusion to evolve IT infrastructure, combat the aforementioned problems and boost overall productivity.

Healthcare:

Some of the challenges of the healthcare industry are:

  • Maintaining paper records of patients’ medical documents.
  • Transferring these records to digital databases
  • Manually updating databases
  • Maintain an inventory database for medicinal supplies
  • Systematic management of unstructured data
  • Innovation in healthcare encounter regulatory and reporting challenges when launching new drugs.

These tasks are repetitive and increase chances of errors when done manually. Automation helps tackle these problems and also provide safe and good quality drugs to the market. Blue Prism is one of the principal providers of RPA for healthcare.

Future Scope:

Competition in the global capital markets is increasing. New contestants are bringing in ‘’disruptive technologies’’ that are pressurizing existing institutes to increase their efficiency and cut down costs. Hence, the need to embrace cognitive automated technology.

Australia and Japan are among the top countries adopting process automation. Leading countries embracing RPA for financial services include India, China and Singapore. It is expected that Fintechs will mainly disrupt three areas of financial sector-consumer banking, investment handling, fund and payment transfer.

It is about time that all businesses and organizations integrate machine learning and artificial intelligence in their processes for competitive advantage.

How can you take advantage of this tech-driven era? Enroll for machine learning training in Delhi at DexLab Analytics. Many top companies look for expertise in this budding technology while recruiting employees. DexLab’s Machine learning course in Delhi offers superior guidance that will help you develop crucial knowledge needed to stay ahead of competition.

 

Reference link: https://www.techemergence.com/cognitive-robotic-process-automation-current-applications-and-future-possibilities

 

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Role of Chief Risk Officers: From Managing Only Credit Risks to Playing Key Roles in Big Banks

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Role of Chief Risk Officers: From Managing Only Credit Risks to Playing Key Roles in Big Banks

The job responsibilities of chief risk officers (CROs) have evolved drastically over the last two decades. CROs are playing key profitable roles is some of the world’s biggest banks. In the face of the global financial crisis, risk departments, particularly CROs, are handling many more tasks apart from what they were managing twenty years back, like modeling credit and market risks and avoiding fines and criminal investigations. The list of responsibilities entrusted to the CROs has grown exponentially since the last two decades. Operational risk that are quantifiable through capital necessities and penalties for nonconformity was actually developed from a set of unquantifiable ‘’other’’ risks.

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Cyber risk:

In the present times, cyber risk has become one of the most pressing global problems that the risk departments need to cope with. The number of cyber hacks is on the rise, wreaking havoc on daily lives as well as social settings. For example, Bank of America and Wells Fargo were among the major institutes hit by the DDoS attack of 2012. It is one of the biggest cyber attacks till date, which affected nearly 80 million customers. In 2016, Swift hack was only a typo away from disrupting the global banking network.

‘’What is called ‘operational resilience’ has spun out of business continuity and operational risk, financial crime, technology and outsourcing risk- anything with risk in the title, somehow there is an expectation that it will gravitate to risk management as their responsibility,’’ says Paul Ingram, CRO of Credit Suisse International. The array of responsibilities for a CRO is so immense, including regulatory compliance, liquidity risk, counterparty risk, stress-test strategy, etc, that it is imperative for the CRO to be a part of the board of directors.

Previously, CROs reported to finance director; now they are present on the board itself. They are playing crucial roles in forming strategies and executing them, whereas around two decades ago they were only involved in risk control. The strategies should be such that the capital allocated by the board is utilized optimally, neither should the limits be exceeded nor should it be under-utilized. CROs add value to the business and are responsible for 360 degree risk assessment across the entire bank.

Banks are tackling problems like digital disruption, rising operational costs and increased competition from the non-banking sector. CROs play a crucial role in helping banks deal with these issues by making the best use of scarce resources and optimizing risk-return profiles.

Regulatory attack:

‘’Since the crisis, CROs have had their hands full implementing a vast amount of regulation,’’ says BCG’s Gerold Grasshoff. However, regulation has almost reached its apex, so CROs must now use their expertise to bring in more business for their institutions and help them gain a competitive advantage. CROs need to play active roles in finding links between the profits and losses of their businesses and balance sheets and regulatory ratios.

Risk departments were once the leaders in innovations pertaining to credit and market risk modeling. They must utilize the tactics that kept them at the forefront of innovation to help their institutions generate improved liquidity, asset and fund expenditure metrics. Their skill in spotting, checking and gauging risk is essential to provide risk-related counsel to clients. Risk departments can team up with Fintechs and regtechs to improve efficiencies in compliance and reporting sections and also enable digitizing specific risk operations.

Thus risk departments, especially CROs can add a lot of value to the banking infrastructure and help steer the institutes forward.

Credit risk modeling is an essential part of financial risk management. To develop the necessary knowledge required to model risks, enroll for credit risk analytics training at DexLab Analytics. We are the best credit risk modeling training institute in Delhi.

 

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