Will Robots/Artificial Intelligence/Machine Learning take over the risk managers jobs?
yes
No
why yes
why no?
maybe
there is always a chance.
What is risk?
Absolute risk is unable to be defined. The very moment you define risk, it changes. AI can’t predict the future. You can establish scenarios, but you cannot completely define risk. You may be able to define parts of what is risky. An AI might be able to identify 80, 90, 95% But, what is the remaining 5%? That is the chance something else might happen. Well, what do you call that? Risk.
Yes. But not in its entirety and not in the short term.
There will still be risk managers and firms that like to do it the old way. But there will be some firms that utilizes huge databases of information to make predictions to quantify the risks. It’s a bit like that poker tourny that the AI won the other day… it’s got incomplete information, it doesn’t have all the answers, but it can do a better job than a human.
There are however hundreds (if not thousands) of jobs that will be replaced before a risk manager does. Unless of course you’re talking about some retail lenders or something.
There is a risk that Robots/Artificial Intelligence/Machine Learning will take over the risk managers jobs , but some risks are difficult to estimate for Robots/Artificial Intelligence/Machine Learning.
For example, the risk that Robots/Artificial Intelligence/Machine Learning take over the risk managers jobs is a risk that is difficult to estimate for Robots/Artificial Intelligence/Machine Learning
Yes, I think so. But they’ll be an aid to risk workers before they replace risk workers. The same is true for equity research – there really isn’t anything to suggest a computer wouldn’t be just as good at analyzing financial statements and such. I’ve been reading/listening to a lot of the AI stuff lately and it is quite fascinating. Especially when you admit your ability to think and reason comes from physical properties, there is no reason to suggest this cannot be replicated in a computer at some point.
I don’t know – but personally I’ve started to study Machine Learning using Python. If you can’t beat 'em, join 'em.
what exactly are you doing?
I’m looking to transition out of Finance and into Data Science.
right, i was trying to figure out what you are doing in python (courses, etc)
I’m taking a part-time Data Science course at General Assembly and supplementing with a Python / Machine Learning MOOC at Udemy
thanks. hope you like it, good luck!
yes, coders all the way.
same with back office, audit, tax etc. of course not everyone will be wiped out but majority will. Like the coal mining business…in the 80s people were super happy but few were indeed worried about new technology and methodology coming in…But they said nah it won’t be wiped out it just can’t…well fast forward 30 years and the efficiency factor increased by 10 folds (if you follow mining sector this is well known). Backed by talking to actual ex miners, they say the same mine with similar daily output now employs one tenth of the people compared to even 20 years ago. Bring blue collar workers back?? okay but from where?? from the technology and machines? lol
I think in 10 or 20 years from now the BO will be almost wiped out. Same with risk mgmt. Just look at Alalddin by blackrock. massive computer systems managed by handful of very smart people in eastern WA state. some funds use these tools instead of hiring folks with masters in fin engineering degrees. if people with advanced degrees are in danger TODAY, i think BO is a must go in the future.
I say about BO in the above post bc the reality is and according to the latest CFAI survey surprising number of CFA charterholders work in accounting/reporting jobs. matter of fact, 2 of our contacts at our admin have CFA after their name.
I believe the jobs I enjoy are all at risk, more or less. So I share the sentiment that I’m using online resources like MOOCs and datacamp to learn how to speak to our coming overlords.