Strong headway made in establishing solutions and strengthening capabilities to build a sustainable cognitive risk sensing ecosystem in Singapore has been saved
Strong headway made in establishing solutions and strengthening capabilities to build a sustainable cognitive risk sensing ecosystem in Singapore
Singapore, 10 March 2020 – Deloitte’s Cognitive Analytics Solution Center of Excellence (CASC) has made strong headway in its task to develop the next generation of digital tools and talent in the area of risk advisory that can better address the needs of businesses in today’s Industry 4.0.
Established in February 2018 in collaboration with the Singapore Economic Development Board (EDB), the Singapore-based global CASC aims to play an instrumental role over the course of three years to deliver new risk sensing and prediction solutions to transform businesses’ risk, brand and reputation management processes focusing on four key risk areas – Cyber Risk, Product Quality & Safety Risk, Conduct Risk and Extended Enterprise Risk.
The CASC uses a key digital tool called the Cognitive Risk Intelligent Sensing Platform (CRISP) to help businesses augment and enhance their risk management processes in a tailored manner by activating the power of data and providing the businesses with access to market relevant assets. Within CRISP, there is a global network of domain and industry experience that encourages knowledge sharing through leading class apps. This allows for the breaking down of silos and barriers of entry to leverage cognitive capabilities such as Machine Learning, Artificial Intelligence, and Natural Language Processing and build a scalable and cyber-secure cloud infrastructure that modernises risk management.
Key milestones after two years
At the end of Year Two in 2019, the CASC has achieved milestones in three major areas.
1. Development of Solutions with key commercial outcomes
The CASC, using CRISP, has successfully developed and commercialised four cognitive risk sensing solutions for businesses across different industries – Public Sector, Consumer, Healthcare and Real Estate – in different markets, in Singapore and globally.
This was achieved in collaboration with Deloitte’s global Risk Advisory practice in terms of leveraging global assets and enhancing additional functionalities, and also with third party partners that provided expertise in data sourcing and cloud infrastructure.
2. Development of talent and capabilities in risk sensing expertise
In the two years, Deloitte has grown its talent pool of data scientists, business analysts and programmers and the team now has 100 years of experience and technical competence combined in the areas of Cognitive Analytics, Artificial Intelligence, Machine Learning and Natural Learning Processing.
Apart from enhancing capabilities internally, the CASC has also run external programs to boost the risk sensing capabilities of risk professionals and to increase the talent pools.
Notably, the CASC has developed the Actionable Impact Analytics (AIA) program - a rigorous internship for university undergraduates in the Asia Pacific region with the aim to engage future analytics talent. The participants go through five weeks of intensive theoretical and hands-on learning, culminating in a final assessment on either Market Activation, Coding or Research. The first cohort of 15 participants completed their internship in February 2020, and the AIA program is now seeing its second batch.
3. Activation of the ecosystem
The CASC has engaged members in the ecosystem through various initiatives which include supporting and sponsoring many contemporary Industry 4.0 impacts. One example of this support is a partnership with SMU Academy on a series of talks that boost Analytics capabilities in the ecosystem.
Presentations and classes conducted within industry by the team at CASC to share knowledge on topics such as risk intelligence and business transformation have been well received.
Moving forward with foresight
Acceleration and scale are the top priority in the third year for all three major areas. The goal is for CRISP to perform at scale to serve businesses better, and for CASC to gain recognition as the leading risk intelligent sensing solutions provider globally. In terms of expanding capabilities, CASC will look to gain depth and breadth of data science and engineering capabilities, and to continue to be a magnet for high quality talent.
“We are living in particularly volatile and fluid times, which makes predicting the future challenging for many businesses. However, it is imperative for businesses to be aware of what lies ahead in terms of risk, and CASC, and by extension, CRISP, is designed to help organisations navigate these risks so that they can build resilience and foresight before damage is done,” said Dr Janson Yap, Cognitive Analytics Solution Center lead, Deloitte Southeast Asia.
“The future of risk sensing lies in the collaboration with not only industry, domain and data science experts, but also with the public and private sectors. With Singapore being at the forefront of digital enablement in its journey towards becoming a Smart Nation, risk sensing and long term horizon scanning will become increasingly important for Singapore to fulfill its aspirations to be a world class economy for its businesses and its people,” added Janson.
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