So - what's this?

Welcome to Kairos - a revolutionary way of doing risk management.

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The problem

Risk systems are complex and un-intuitive to the business user, and just another system that they are expected to understand.

Risk systems have high friction, disincentivizing users.  They exacerbate the fundamental misalignment of interests inherent in risk management.

The disincentives

• The system is complex and unlike the other systems they use.  It uses unfamiliar terms that imply prior knowledge.

 

• It's not part of the user's day-to-day work, and they have to relearn it every time they use it.

 

• WIIFM - the benefits are not obvious to the user.

 

• It's therefore low on the priorities of the day, compared to dealing with actual issues.

Incentive misalignment

• You want good quality data to be able to take a strategic view of risk and opportunities.

 

• Your users want help now in managing their risks and issues.  Their needs are different and more immediate - “Help me mitigate my risk, improve my controls, manage my issues, understand and comply with my obligations.”

Resulting in

• Your risk system is only periodically updated, so the data is
  • poor quality and
  • only current for a period of time.

 

• It takes time to extract the data and organise it into a report.

 

• By the time it's in management's hands, that report is already aging.

The solution

• Shift from a traditional risk management system with form-based interaction, to a chatbot that interacts the way you need it to.

 

• It can use any form factor, voice recognition and speech, and act as a concierge for creating and maintaining well-curated data.  

 

• The data is still ultimately held in a formal way, which then allows AI to act as an assistant to risk professionals and other users when understanding their data and creating reports.

The benefits

Read on …

• Removes disincentives for business users.   No need to learn how to navigate the system or learn the "language of risk."

• Increases incentives for them.   Get immediate advice on how to proceed, both general and potentially specific.

• Improves the quality and timeliness of the data captured. Better data means better results.

 

• No compromises with the system: Data is still available for use in the traditional format.

 

• Continuous monitoring and immediate reporting for both end users and risk professionals.

• Improves day to day risk management: Users are getting high quality advice about how to manage a given situation.

• Increased efficiency meaning that risk professionals can be deployed for higher value-adding work, for example, risk workshops.

• Helps risk professionals get closer to the business: They can review Q&A sessions and use the AI system to highlight areas where they should be reaching out.

What's in a name?

From ancient Greek, Kairos (καιρός) means opportunity - but it refers to an opportunity whose time has come.

The time is right for applying generative AI to real world business problems - and right for integrating it into risk management systems.

… and, of course, every product name needs a backronym, so here we go, thanks of course to, er, AI:

a Knowledge-Assisted Intelligent Risk Optimisation System.  

Thanks, AI assistant - not too shabby!