Monday, February 23, 2015
Man and Machine
Big data is everywhere, and risk management is
no exception. Big data in a nutshell is
nothing more than allowing computers to crunch numbers to see patterns that
might escape the human. It is data
analysis that may or may not have been done by a human, now being done by
computer. Of course lots of other tasks
formerly done by humans are being done by computers or by robots. Indeed, many tasks in risk management are now
done at least partially by computer – for instance credit analysis, fraud
detection, human resources, stress testing, etc. etc. This is not news, but the spread of computers
into white-collar tasks is quite threatening to many. However it must be realized, particularly in
risk management, that there are things that a human can do, that a machine
cannot do. It is not man or machine, but
man and machine.
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