FiscalNote Launches AI-Powered Risk Connector For Anticipating and Managing Operational Risks - Seite 2

“Without the technology in place to help anticipate and manage potential adverse impacts, operational risk has become a multifaceted, complex ‘field of unknowns’ that can quickly create a dangerous domino effect of ramifications,” said Josh Resnik, President and COO of FiscalNote. “In both the public and private sectors, exposure to operational risk can have immediate and lasting impacts — including massive financial and regulatory concerns, legal liability, brand and reputation issues, and consequential negative impacts on customers and shareholders. The AI-powered FiscalNote Risk Connector product creates visibility into the thousands of associations between our customers and their connections, determining and predicting risk up to five layers removed.”

“Over the past decade, we have been working with thousands of global customers in the public and private sector to track, manage, and tackle risk from multiple directions, including regulatory, geopolitical, economic, and – most recently, with our addition of Dragonfly – security risks,” Resnik added. “FiscalNote Risk Connector is a natural extension of our expertise and strategy to holistically address operational risk for large enterprises of all kinds, and it provides a tremendous market expansion opportunity for our business with governments, corporates, and any organization with risk exposure.”

In the past decade, the international supply chain has become increasingly complex, with McKinsey reporting at least one in twenty companies has suffered a supply-chain disruption costing at least $100 million in recent years. Companies are also contending with added costs of geopolitical and operational risks; a recent report by WTW in partnership with FiscalNote’s Oxford Analytica found that manufacturing companies are facing escalating costs due to these geopolitical risks, with one panelist claiming worldwide sanctions related to Ukraine are costing the company three cents per share, and another reporting the loss of 10% in global revenues. Threats to national security via risks to military supply chains have also been exposed, with one U.S. armed forces leader stating “the supply chain is the No. 1 risk” to their naval program — with this lack of full visibility preventing defense agencies from identifying disruptions early and planning for them proactively.