Emerging trends indicate that companies are using “digital twins” to take existing data and translate it into risk terminology. Simple AI-supported applications are already in use, and these are continuously being expanded with new developments such as ChatGPT. However, it seems that there is still a long road ahead before we can really talk about the existence of cognitive analytics; this refers to a target scenario in which critical causal chains are identified long in advance and automatic recommendations are provided for the best possible countermeasures. The hurdles we need to overcome are not only technological, but also methodological. It is undisputed that the use of AI in companies will lead to improved risk identification in future, and as such present decisive advantages for safeguarding the company’s success.
