In today’s rapidly changing business landscape, mitigating operational risks has become a top priority for organizations worldwide. A Fortune 100 tech company faced the challenge of balancing compliance with privacy laws and addressing security events while maintaining a competitive edge in its industry. To address these concerns, the firm sought a comprehensive solution that could provide auditable external operational risk data and align it seamlessly with its suite of products.
The Challenge: Balancing Compliance and Security
Facing regulatory pressure to comply with privacy laws and internal stakeholder demands to address security events effectively, third-party risk monitoring was no longer sufficient for this Fortune 100 tech company. And gathering external operational risk data and mapping it to its suite of products presented significant challenges.
The Solution: AI-Enabled Risk Intelligence
The firm recognized the need for a solution that could provide auditable external operational risk data and categorize it according to its internal privacy and security risk taxonomy. Manual data collection from an increasingly connected web of entities was impractical and time-consuming.
To address these issues, the company partnered with FiscalNote to develop a cutting-edge AI-enabled solution. FiscalNote’s bespoke product employed algorithmic scanning of open-source intelligence, gathering articles and news about operational risk events across various industries. The collected data was then tagged with privacy and security metadata, perfectly aligning with the firm’s products for easy ingestion.
The Results: Empowering Proactive Risk Management
With FiscalNote Risk Connector in place, the company gained a real-time, comprehensive view of risks related to its suite of products. The tool provided ample notice, allowing the firm to identify potential issues and take proactive measures to avoid detrimental situations. The relationships and risks Risk Connector elucidated were fully auditable and could be disclosed to auditors, regulators, or customers, validating the company’s robust risk management practices.
Unlocking New Insights for Risk Analysts
The results are transformational for the firm’s risk analysts. They can now conduct scenario generation with metadata regarding the impacts of events and the dates on which the impacts occur. They can also benchmark internal operational risk events against competitors’ experiences, considering the losses incurred by such events. By analyzing control failures and comparing practices with other institutions, the company can adjust its risk management processes for better performance.
Spotting Emerging Trends and Prioritizing Analysis
FiscalNote’s solution enabled the identification of emerging operational risk trends and their impacts on the company’s suite of products. The firm could prioritize the analysis of specific operational risk events based on the relevance and impact assigned by Risk Connector’s feed.
Achieving Resilience and a Competitive Edge with FiscalNote Risk Connector
By leveraging FiscalNote Risk Connector, the Fortune 100 tech company successfully navigated complex operational risks and emerged stronger and more resilient. The AI-enabled solution empowered the firm’s risk analysts to make well-informed, data-driven decisions, effectively manage risks, and maintain a competitive edge in their industry.
