THE CHALLENGE: Identifying Emerging Risks and Ensuring Corporate Readiness
Corporate leaders from around the world listed business interruption and reputational damage among the highest threats to their organizations, according to two independent global risk studies conducted in 2019.
Both threats are interconnected, and would come as a consequence of any number of crises companies must prepare for including fraudulent activity, supplier risks, cyberattacks, workplace violence, insider threats and activist campaigns.
For organizations facing these risks, the impacts are twice as costly since the rise of social media and the 24/7 news cycle.
Despite the potential catastrophic impact to the company, its employees, shareholders and long-term value, these studies also found that companies are less prepared to deal with them than ever before. A full 10% of those surveyed in an AON study said they had no formalized process in place to identify risks, underscoring a failure to leverage new technologies and approaches to identify risks and develop mitigation strategies.
Conversely, almost 70% of respondents in a similar survey by Allianz noted that artificial intelligence (AI) would be the most useful and valuable technology to provide risk mitigation services that prevent damage before it occurs.
In the financial services sector alone, 80% of risk professionals say they have already seen the benefits of AI and of those not yet using it, almost 85% say they plan to in the next three years.
Radiance is an enterprise search tool that uses machine learning and artificial intelligence to assess and prioritize risk across the open-source internet.
Radiance scours publicly available data across the entire Internet, correlating names entered into the system with content related to 25 different risk factors, known as Behavioral Affinity Models (BAMs), and cross-referenced with more than 1 million queries into Lumina’s proprietary databases of risk.
Searches provide near-instant results, delivering meaningful, actionable intelligence to identify and prevent risk.
The S4 app is a crowd-sourced, mobile application that allows users to confidentially report concerns in real time.
THE SOLUTION: Leveraging AI to Predict Risk and Protect Corporate Value
Radiance provides those charged with building an enterprise risk management framework an important tool in predicting risk and mitigating against it, through timely, actionable data derived from deep web listening and analysis.
Radiance includes more than 6,000 terms related to potential national security risks and threats. The platform conducts nearly 120,000 searches across all publicly-available data on the web, correlating names with these terms and cross-referencing over 1 million queries into Lumina’s proprietary databases of risk. Unlike social media monitoring, Radiance is not reliant on a single platform or social media API, allowing for the continuous ingestion of all open source data. Radiance pulls all applicable content into a comprehensive report. The results are prioritized, making it easy to further analyze the findings and determine potential risk. A manual web search of this magnitude would take almost 1 year for one person to complete.
S4 app can be configured as a workplace tool, allowing employees to report insider threats, suspicious activity or concerning behaviors in real time. A centralized management portal allows clients to access real-time threats to geo-fenced facility locations.