Tech savvy youth help automate risk management

Reported by: |Updated: April 3, 2019

Influx of tech savvy youth in the workforce has impacted the risk management space, finds a study published in the Banking Frontiers. The feature, ‘Risk Management for the Digital Economy’, explains how new recruits typically quickly find a technology solution for repetitive tasks to eliminate or reduce routine chores and thereby release bandwidth for more challenging activities. “They themselves are also more adaptive to change. This has helped the risk management function become more agile, taking it to the next level,” says the story.

Wilson Cyriac, senior vice president and chief risk officer at Federal Bank, emphasizes the need for providing effective training to the tech-savvy youth: “There are many tech-savvy youth, who are equipped to handle digitization and knowledge in fields like AI and ML. What is required is that they get adequately trained in the risk management concepts. Once the resource is built, we will see the improvements – more efficient enterprise wide risk management at lesser cost.”

Alok Pathak, who is chief risk officer and head of risk department at Utkarsh Small Finance Bank, feels the combination of experienced and tech savvy youth should drive risk management at bank: “We are a young bank and as a strategy, we are having a good combination of experienced people and freshers. It is easy for freshers to adopt new technologies and they are very comfortable using technology. At the same time, the experienced bankers are taking care of the processes and controls which are required. This strategy is really working effectively towards and we have not faced hurdles in implementation of new systems at the bank,” he adds.