SCRS Conference Day 2 Session #8
Technology & Intelligence to Power Risk Management
By Richard Hancock, Regional Director, APAC, CRISIS24
Geopolitical uncertainties have demanded the need for accurate, real-time intelligence that can be integrated across business’ systems to make informed decisions in times of disruptions. Enhanced by Artificial Intelligence (AI), businesses can customize more effective solutions for supply chain monitoring and risk management. Mr. Richard Hancock, Regional Director of APAC CRISIS24, shared how technology is assisting businesses in risk management, but at the same time, not replacing the traditional human element. He presented the major trends for supply chain technology and the upcoming risks involved.
- Accurate, Timely and Client-focused Intelligence: Businesses want real-time detailed and localized information at a micro level to aid in risk management decision-making and to respond to changes quickly.
- Fully Integrated, Adaptable and Seamless Platforms: Supply chain stakeholders are now dependent on data from each other, requiring platforms to be increasingly integrated and adaptable to various requirements of different entities while being compliant to international standards.
- Surge in AI Development & Implementation: In the next 12 months, we can expect to see a significant surge in the development and implementation of AI, with all the major tech companies heavily invested in this field.
- New Generation of Risk Management Platforms: Richard pointed out the rise of risk management mobile applications that allows for easy distribution within the workforce, promoting duty of care. In addition, there is now a combination of medical and security features, based on specific needs and requirements.
Man & Machine – Faster, Broader, Deeper Threat Detection 24/7
A crucial issue being addressed by technology, especially at the strategic level of organizations, is the concern about monitoring the performance of businesses both within and outside the country. “One way technology is proving valuable is through its ability to scan social media platforms like a ship’s radar. In this context, the beauty of leveraging AI and technology is that it operates tirelessly, 24/7, without taking any breaks or holidays. It possesses the capability to read and comprehend multiple languages. By activating this technology, organizations can effectively scan social media platforms such as Facebook, Twitter, and other local platforms specific to the country”, said Richard.
AI, HUMINT & SIGNIT
Richard highlighted the need for combinations of AI, human intelligence (HUMINT) and signal intelligence (SIGINT). He explained that AI is effective in event detection which captures the data into an event review platform to be verified and approved with human analysis. Upon verification, these qualified events are then shared with the client for response and impact reduction. Throughout the process, continuous learning is required as the risk landscape evolves. Having the combination of these three intelligence components, companies can stay resilient with the ability to detect threats faster, broader and deeper.
Careful Use of AI
Richard underlined that accuracy and reliability are paramount when supporting governments, which is why implementing AI is crucial. AI is an incredible tool that accelerates the collection, assessment and analysis of information, providing up-to-date intelligence. However, it is not infallible. If false or misleading information is fed into the system, it can corrupt the narrative and result in receiving inaccurate information. Therefore, while AI is used, it is essential to have checks and balances in place to review the output. The human element is crucial in ensuring the accuracy and reliability of the information before it is delivered to clients, especially when these products are used by governments and other organizations with key performance indicators (KPIs). The involvement of humans in the process adds an important layer of verification and quality control.
Ukraine-Russia & Myanmar Conflicts: The Need for Atmospheric Data
Since the Ukraine-Russia war, the loss of the Black Sea ports has had a significant impact on the supply chain, as numerous ships remain stranded there to this day. Technology played a crucial role in monitoring and sharing information between buyers and suppliers, such as estimated crossing times and changes in paperwork requirements. As front lines stabilized in Ukraine, companies with factories and manufacturing facilities in the country were eager to know the conditions of their assets, particularly those located closer to war zones. Facility audits are necessary to gather relevant information, which is input into risk management tools and systems, enabling the dissemination of this information to clients.
In Myanmar, an ongoing civil war has engulfed the entire nation, rendering no area safe. Due to the associated risks, many companies are opting to withdraw from the Myanmar market for foreign investment. While business operations continued, the disruptions to road transportation and workforce safety have severely impacted supply chains. Similar to the Ukraine-Russia conflict, technology has proven to be highly valuable in such situations when effectively applied as businesses need real-time information for risk management and crisis management.
Richard underlined one key takeaway from these conflicts – while technology is an excellent means of sharing information, it is equally important to have a human presence on the ground to accurately access and analyze the situational details, often termed as ‘atmospheric data’ that can then be integrated into the platforms and systems for decision making. The importance of having accurate and real-time on-the-ground information must be balanced.
Concluding the keynote, Richard further emphasized the expectation of AI funding influx aimed to expedite information processing, enabling data analysis and decision-making. However, it remains crucial for sensible companies to have a human gatekeeper to verify and ensure that the information being processed is reliable and not based on misleading news. By leveraging technology to analyze and refine data, valuable insights are generated, ultimately aiding decision-making.
About the Speaker
Mr. Richard Hancock Regional Director APAC, CRISIS24
Mr. Richard Hancock is Crisis24’s Crisis and Security Consulting APAC Regional Director. Richard has spent the last 34 years living and working in Asia Pacific and the Middle East as an Inspector in the Royal Hong Kong Police before transitioning to the private sector as a crisis and security risk management consultant. Richard has provided in-depth crisis risk mitigation and advisory services to governments, NGOs, and Fortune 500 companies, including crisis response, emergency planning, business continuity, corporate security training, and team building. Richard has developed travel risk management programs and project-managed mass personnel evacuation cases across APAC and MEA for multinational corporations and NGOs.
Watch other SCRS Conference 2023 Keynotes and panel discussions here: Session Replays