Christian Focacci is a leader in the artificial intelligence world and harnesses the capabilities for risk management. He is the founder and CEO of Threat.Digital, which has launched a new product DiligenAI.  Threat.Digital is leveraging large language models and real-time data feeds to empower organizations to identify risk information confidently and efficiently, setting a new standard in risk intelligence. Mike and Christian discuss AI and its use in compliance third-party risk management.

You'll hear them discuss:

• AI should be viewed as a tool to enhance decision-making processes rather than a replacement for human judgment. It highlights the importance of leveraging AI to process vast amounts of data efficiently.
• Organizations must strike a balance between recognizing the risks associated with AI, such as generative AI, and harnessing its potential benefits to improve productivity and decision-making within organizations.
• Advancements in language models, particularly large language models like Chat GPT, have revolutionized the processing and understanding of unstructured text data, enabling more accurate and context-aware analysis.
• Companies can use AI to significantly enhance due diligence processes, risk assessment, and compliance efforts by efficiently summarizing and analyzing vast amounts of information to support decision-making.
• The use of AI in due diligence and compliance is a tool meant to empower human decision-makers by providing them with comprehensive and distilled information, allowing them to focus on critical analysis and decision-making rather than mundane tasks.
• One major strength of AI, particularly large language models, is to improve monitoring processes by reducing false positives and providing real-time alerts based on predefined criteria, enabling more efficient risk identification and management.
• AI has a bright future, including the expansion of context windows in language models, the rise of open-source models, and the potential for running AI models on personal devices, indicating a shift towards decentralized and accessible AI technology.

Resources

Michael Volkov on LinkedIn | Twitter

The Volkov Law Group

Christian Focacci on LinkedIn | Threat.Digital