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Automating Risk Functions for Greater Value Creation

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Despite recent volatility, more than 60% of risk executives surveyed in a recent PwC US Pulse Survey were optimistic about the global economy, as well as the state of the pandemic recovery. This optimism could stem from a greater alignment between risk functions and the business. Fifty percent of risk management executives reported interacting more with the C-suite, and 42% said they interact more with the board level. Nearly half of respondents said that risk functions and capabilities are now embedded in the business operations that are driving transformations.

Risk functions were once considered tactical and reactive, and often seen as a roadblock to business decisions. Infusing risk management into corporate planning allows an organization to think about compliance responsibilities in a proactive and strategic manner—moving risk and regulatory functions from a back-office cost to a competitive advantage. Staying ahead of uncertainties while also bolstering planning with data helps make companies stronger and more resilient.

Many companies spent the last decade overspending on risk management as they attempted to keep up with compliance and regulatory shifts, frequently lagging behind changes in policy. They often invested heavily in new technologies and data collection, but failed to create efficiencies by integrating those systems across largely siloed business functions. The swift onset of the pandemic made many organizations come to terms with the reality that an entire organization didn’t need to be reimagined in order to implement technological transformations, and that there was still a disconnect between many of the piecemeal systems that had been previously put in place.

Now, executives are increasingly seeing the value of risk management as a strategic advantage. It allows companies to grow in areas with less mature risk management functions, like taking on higher risk clients or entering new geographies. More intelligent monitoring also allows for increased efficiencies and reduced compliance costs.

Integrating AI and automation into the investments that have already been made can help streamline the risk management and compliance processes. Many companies still have room for improvement; only 25% of risk professionals said they were implementing new risk management technologies in 2021 and only 19% said it was a priority to integrate risk management tools onto a single platform.

By automating and enhancing risk management functions, organizations can:

  • Strategize for entering new markets. Make more informed decisions about entering a new market by taking into consideration a shifting regulatory environment and increasingly complex supply chains. Taking on high risk customers relies on analytics and transaction monitoring systems in order to identify potential suspicious activity.
  • Increase speed to respond. Automation and technology-led monitoring of policy and negative news helps position companies to respond more quickly to regulatory bodies and head off negative events before they go viral.
  • Allocate costs efficiently. No longer duplicate costs by operating the departments of your business in a siloed fashion. Leverage case management and workflow systems to aggregate control failures or suspicious activity by customer or focal entity, allowing you to evaluate the root cause and apply analysis across multiple control failures.
  • Enter new business partnerships more confidently. Know the risks of a potential business partnership and get deeper insights into the impact a business partner or vendor’s supply chain could have on your business. Vendor risk management and contract analytics technologies can monitor whether business partners are adhering to their terms and conditions.
  • Reduce the impact of new requirements.  Identify the blind spots and shed light on the potential risks within your enterprise system so you can quickly take action early in the process, allowing your organization to avoid fines when implementing new regulatory requirements.

Regulators and other stakeholders are increasingly calling for the organization of risk management functions under one cohesive point of view. By fixing the disconnects and setting a collaborative tone, you give senior executives more cohesive insights and allow them to adopt more extensive views on the organization’s risk profile.

Six Tips For Risk Managers When Assessing Automation Hazards

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From a risk management perspective, one of the benefits of automation is that robots can play a significant role in reducing injuries when deployed to replace or support workers in high-hazard jobs, such as those involving high force and repetition. Yet, without appropriate risk assessments, their benefits can become skewed in other situations.

Unfortunately, many companies still make critical automation decisions without adequately engaging risk management, which can leave workers vulnerable to a new set of unanticipated workplace hazards. By some estimates, manufacturers will deploy 1.2 million new robots in the next decade; the expanding use of robotics may bring numerous new significant safety considerations along with a critical need for effective risk management.

As the trend toward greater automation gains momentum, here are six tips for risk managers to assess automation-related workplace hazards and help their organizations achieve the gains they envisioned with these major investments:

  1. Do not underestimate the value risk management brings to automation. Although automation is not new, companies still have much to learn about its effective deployment and implementation – especially in situations where the aim is increased productivity.
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     Risk managers need to be actively involved in assessing potential risks as automation purchasing decisions are made, as well as in planning and managing implementation, related employee training and post-implementation safety assessments and injury monitoring.

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  1. Initiate a dynamic dialogue. When the aim of investing in robotics and automation is specifically for productivity improvement, the starting point should be for risk and operations managers and safety/ergonomics experts to open a dialogue with workers in units designated for automation; they are much more flexible than robots and can offer insights on improving the workplace, reducing injuries and driving efficiency – either without significant investment or by focusing deployment of automation where it is likely to have the greatest impact.
  1. Focus on human factors with increased automation. As plants become more fully automated, the interface between the equipment and employees becomes increasingly significant. Historically, there has been an increased emphasis on automation, but an insufficient focus on the human interface. With more industries retooling plants and upgrading operations, the premium will be on the intelligent design of the next generation of facilities. It calls for the use of advanced tools, such as HumanCAD 3D, to analyze the impact of new equipment on human operators, production, and maintenance, as well as assessments from ergonomics and risk management professionals.
  1. Understand automation is not a panacea. Even the latest robotics may not address every issue, such as assembly tasks that require very fine motor skills, hand-eye coordination and higher-level thinking (such as complex assemblies, part orientation, inspection and precision fits). The automation of some tasks ultimately could require higher rates of repetition in the upper extremities of workers. In this case, ergonomic workstation design, scheduled breaks and worker feedback will be keys to prevent injuries and achieve gains in quality and productivity.
  1. Do not overlook worker demographics. Although automation may help all workers raise their productivity levels, implementation should account for the needs of an aging workforce. Businesses with multiple manufacturing facilities may have to refine workstations, signage, and lighting in areas with higher concentrations of older workers to achieve consistent productivity gains across all operations.
  1. Monitor potential worker safety issues with new product designs. Some forward-looking organizations are pushing for the application of design rules and human factors analysis to evaluate the “Design for Assembly and Ergonomics” (DFMAE) process. In these situations, product designers and advanced manufacturing equipment engineers collaborate with ergonomists to evaluate new product designs and the manufacturing equipment that goes with it. Until such approaches become widespread, it makes sense to check how new product designs might affect assembly workers.
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    Even slight adjustments in product design, manufacturing equipment or workstations can make the job easier and less stressful for employees without expensive robotics.

Investments in highly sophisticated equipment require thorough evaluation of all potential risks involving the interface between the equipment and employee. In some cases, operating equipment may expose workers to a range of injuries, such as repetitive motion issues. And high-speed mobile equipment can pose an outright danger on a factory floor without the delineation of designated “safety zones.” As key members of their organization’s automation team, risk managers play a critical role in anticipating and assessing exposures, developing remedies and facilitating success to ensure robots are working in collaboration with employees and not creating new, unanticipated risks.

Are Drone Cargo Ships the Next Step in Supply Chain Automation?

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Rolls Royce Drone Ships

Ahoy, robots!

The $375 billion shipping industry, which carries 90% of world trade, is next in line for drones to take over—at least, that’s what Rolls-Royce Holdings is betting on. The London-based engine manufacturer’s Blue Ocean development team has already set up a virtual-reality prototype in its Norwegian office that simulates 360-degree views from a vessel’s bridge.

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The company hopes these advanced camera systems will eventually allow captains in control centers on land to direct crewless ships. The E.U. is funding a $4.8 million study on the technology, and researchers are preparing a prototype for simulated sea trials next year.

“A growing number of vessels are already equipped with cameras that can see at night and through fog and snow—better than the human eye, and more ships are fitted with systems to transmit large volumes of data,” said one Rolls-Royce spokesperson. “Given that the technology is in place, is now the time to move some operations ashore? Is it better to have a crew of 20 sailing in a gale in the North Sea, or say five people in a control room on shore?”

Crew costs of $3,299 a day account for about 44% of total operating expenses for a large container ship, industry accountant and consultant Moore Stephens LLP told Bloomberg News. By loading more cargo and replacing the bridge and other systems that support the crew, such as electricity, air conditioning, water and sewage, ships can cut costs and boost revenue, claims Oskar Levander, Rolls-Royce’s vice president of innovation in marine engineering and technology. The ships would be 5% lighter before loading cargo and would burn 12% to 15% less fuel, he reported.

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Unmanned ships would require captains to operate them remotely and people to repair and unload them in port, but the lack of crew at sea could change the landscape of piracy. Without people to take hostage, the risks would greatly reduce—as would the need for for kidnap and ransom insurance premiums. The material being transported, however, could be even more vulnerable without a human line of defense.

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Further, the remote operating system opens the door to digital hijacking from hackers or cybercriminals.

Currently, human error—most notably tied to fatigue—causes most maritime accidents, according to Allianz. But, as the 600,000-member International Transport Workers’ Federation is quick to point out, humans are also the first line of defense in a field plagued by unpredictable conditions. “The human element is one of the first lines of defense in the event of machinery failure and the kind of unexpected and sudden changes of conditions in which the world’s seas specialize,” Dave Heindel, chairman of the ITF’s seafarers’ section, told Bloomberg Businessweek.

Drone cargo ships would represent the latest part of a rapidly automating supply chain. As Wired pointed out, as customers’ desire for ever-more-instant gratification mounts and companies like Amazon find ways to drastically cut shipping costs with technology, consumer pressure may make this too tempting a development to pass up.