New Singapore risk centre promises to 'transform risk'

Singapore risk managers are set to gain new risk sensing–using human insights and advanced analytics capabilities to identify, analyse, and monitor emerging risks on their doorstep.

Big-four accountancy, Deloitte has launched its Cognitive Analytics Solution Centre of Excellence (CoE) that will apply cognitive and advanced analytics techniques to deliver risk sensing and predictions to clients.

In collaboration with the Singapore Economic Development Board, Deloitte will invest US$15m over three years into the Singapore-based CoE, which includes global subject matter experts, market activation, and infrastructure and platforms.

The firm said in a statement today: “This will play an instrumental role in delivering new risk sensing and prediction solutions globally to help clients transform their risk management processes”

“Globally, there is an increased need to mitigate risks as industries experience more technological and competitive disruption,” said Deloitte Global CEO, Punit Renjen.

“To effectively manage risk, organisations need to be proactive, nimble and take action in real time. Through the new Cognitive Analytics Solution Center of Excellence, Deloitte will help organizations navigate the opportunities and challenges of risk, which includes identifying various risks that could harm their operations before they occur.”

The CoE will focus on four key risk areas – Cyber Risk, Product Quality & Safety Risk, Conduct Risk and Extended Enterprise Risk – which play a key role in overarching brand and reputation management.

“With cognitive analytics being a high-level skill in global demand, it is fitting that we base this flagship Cognitive Analytics Solution Center of Excellence in Singapore.

As a globally competitive analytics hub, Singapore is well placed with the infrastructure and leadership to attract innovative minds that can help drive the Centre’s goal to help organisations around the world develop the skills and tools needed to not only successfully avoid and mitigate risks but to also generate risk-powered performance,” said  Philip Yuen, CEO, Deloitte Southeast Asia.

The Cognitive Analytics Solution Centre will join one other project supported by the Singapore Economic Development Board to advance Deloitte’s capabilities in the Future of Work. The US$20m Future of Work Centre of Excellence launched in mid-2017 to address global workplace challenges.

Deloitte will also seek to identify a series of clients to collaborate within the development of solutions that possess the features and insights that clients demand to address their critical risk issues.

“In today’s hyper-connected world, businesses, governments and even members of society are faced with an array of complex new threats. This Center strives to build resilience against these emerging threats and to equip the public sector, and the business and social communities with the skills to detect anomalies amidst the digital and cyber noise so that risks can be caught before damage is done,” said Dr Janson Yap, Cognitive Analytics Solution Center lead, Deloitte Southeast Asia.