AI and Data for Enterprise Risk Management
by
Jason Dzamba - October 31, 2023
Enterprise risk management expert C.R. Mangum shares how technology, particularly AI and data, is reshaping how businesses mitigate threats and seize opportunities.
Mangum, who leads the risk management team at Primoris Service Corporation, offers valuable insights into how his team approaches AI innovation in the construction industry.
Listen to Mangum starting at 00:50:09
The Evolving Infrastructure Landscape
C.R. Mangum paints a vivid picture of Primoris Service Corporation’s core competencies, spanning the infrastructure sector. This includes renewable energy, with a significant focus on solar projects.
Understanding the diversity of this landscape is crucial, and it forms the backdrop for implementing risk management strategies that effectively address the varying challenges.
The Art of Collaboration
Mangum discusses one major challenge in risk management—bringing diverse experts together to provide the data and information needed to make informed decisions.
Collaborating with individuals from different functional areas is a core aspect of managing risks outside one’s expertise. It’s the ability to harness collective knowledge and craft a comprehensive risk strategy that sets modern risk managers apart.
The Power of Effective Communication
Risk management extends beyond data and logic; it involves compelling storytelling and communication. Mangum emphasizes that passion is the driving force, constituting about 80% of the message.
He underlines that, in risk management, delivering your message with enthusiasm is essential to ignite the organizational drive to manage risk effectively.
Listen to Mangum starting at 00:50:00
Data Quality and Maturity
Data, data, data—it’s the lifeblood of AI and informed risk management. Mangum discusses the significance of data quality and data maturity within an organization.
The data must be accurate and reliable, and organizations need a strong foundation of data maturity to combine structured and unstructured data for comprehensive risk management.
AI for Real-time Risk Management
The conversation delves into how AI is utilized for real-time risk management, sharing an example of the company’s initiative in installing dash cameras in its fleet of vehicles.
These cameras, equipped with AI, allow real-time driver behavior monitoring, leading to better decision-making, risk control, and safer operations.
Proactive Risk Management
The ability to move from reactive to proactive risk management is a significant shift brought about by AI. AI enables organizations to foresee adverse trends and forecast potential risks.
Instead of waiting for issues, they can prepare strategies to mitigate them, providing a proactive and strategic edge.
Fresh Objectives
With AI’s capabilities, the objectives in risk management have shifted. AI helps in redefining what is possible and what organizations can strive for.
It’s not just about avoiding uncertainties; it’s about embracing the potential opportunities within the risks.
Read now: AI and Automation in Logistics and Supply Chain
The Challenge of Cybersecurity
Mangum acknowledges the increasing external cyber threats across various industries. The construction sector, once relatively untouched, is now becoming a target due to its growing digital footprint.
While this represents a challenge, it also provides an opportunity to enhance cybersecurity measures.
Augmenting, Not Replacing Humans
AI isn’t about replacing human experts; it’s a tool that augments human capabilities. Mangum emphasizes that AI should assist in making better decisions and formulating strategies.
It complements the human intuition and expertise required for complex risk management.
Data in Risk Management
AI and data-driven approaches are shaping a new era of proactive, informed, and strategic risk mitigation. The ability to extract knowledge and value from data, whether structured or unstructured, is central.
Turning data into actionable insights should be a priority for any organization. Overall, it’s not just about managing risks; it’s about navigating them to seize opportunities and build sustainable organizations.
Need help managing your enterprise data? Contact our team.
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About Jason Dzamba
Director of Media Relations, Productivity Strategist, and Host of Inside the Bot Podcast, Jason uses a process-driven approach to help leaders optimize their actions and achieve their most important business objectives. His creative outlet is painting abstract art and producing music. He lives in Orlando, Florida, with his three kids.
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