Risk Management 4.0 – Anticipating the Future
Recently, Frank Schottenheim, PS-Team Director Business Unit Financial Institutions, and Eric Wirtz, Director International Sales, had a discussion with Dr. Pero Mícíc, founder of FutureManagementGroup AG, about possible fraud patterns that the bank and leasing world will have to respond to.
Facing Future Risks with an Integrated Approach
The better representatives of banks, leasing and insurance companies can put themselves in the position of criminals, the better they can take appropriate measures to prevent fraud. This also applies to PS-Team. However, PS-Team has been utilizing the options of digitalization for fraud prevention very early, but how criminals will take advantage of just these possibilities in the future is difficult to anticipate.
Frank Schottenheim: “We must continually practise our foresight to be able to address potential dangers within an integrated approach at an early stage.” From Eric Wirtz’ point of view, the company is very well prepared for the challenge: “PS-Team has decided on a collective and transparent approach and created a self-correcting system of cross-country and cross-functional cooperations. We are highly aware of the fact that data sharing and matching as well as data validation require the highest safety standards.
“The Changes Will Come Thick and Fast“
However, Dr. Pero Mícíc points out that “The changes will come thick and fast.” The futurologist assumes that global change will not happen gradually but disruptively (see figure). Thus, the fraud risks will also grow exponentially. Frank Schotterheim: “PS-Team takes this very seriously. We will rise to be challenged to detect safety gaps before criminal patterns can spread. To do so, we continually expand our detection and prevention solutions and adapt them to new conditions.”
Vital Technologies Develop Exponentially
For a long time, vital technologies have been developing slower than expected. The grey area shows the difference between expectation and actual development. People were disappointed and didn’t believe in autonomous vehicles and drones any longer. As soon as devices become digital, e.g. part of the internet of things, the situation changes dramatically. From that moment onwards, technology develops exponentially: the line goes up almost vertically. We don’t expect this and are dumbfounded. It is possible that we have now reached the point where these two lines cross. Our world and the things around us will change dramatically in the near future.
Topic of conversation on the European level: Participants of the conference “Fighting Fraud in the Leasing Industry” at Leaseurope in Brussels last November discussed fraud scenarios and preventive measures.
In October, the topic will also be on the agenda of the “European Leasing & Consumer Credit Industry Annual Conventions” on Malta.