Utilising ChatGPT To Evaluate Operational Risk Knowledge

RiskSpotlight

8 Nov 202307:25

Summary

TLDRIn this video, Manos Kulal, co-founder and chief risk officer at RIS Spotlight, demonstrates how to use Chat GPT to evaluate operational risk knowledge. He showcases creating multiple-choice questions for different levels of expertise, from basic to advanced, to assess personal or team knowledge and during hiring processes. Kulal recommends using the paid version of Chat GPT for better question quality and suggests that this tool can also be used to build a library of test questions for e-learning courses. The video concludes with an invitation to explore generative AI's role in enhancing risk management productivity and quality.

Takeaways

😀 The video presents how to use Chat GPT for evaluating operational risk knowledge, which is beneficial for newcomers and during hiring processes.
📝 Manos Kulal, co-founder and chief risk officer at RIS Spotlight, introduces the use of generative AI technologies in risk management activities.
🤖 Chat GPT is requested to create multiple-choice questions to assess basic operational risk management knowledge without initially displaying the answers.
📑 The script demonstrates a process where individuals can answer questions first and then compare their responses with Chat GPT's provided answers.
💡 It's suggested to use the paid version of Chat GPT (Chat GPT Plus) for better quality questions, as the free version's responses are reportedly poor for operational risk management.
👥 The video suggests using the question-generating functionality for personal knowledge assessment, team learning, and evaluating interviewees or external consultants.
📚 The script mentions the creation of a library of test questions for e-learning courses on operational risk or compliance within an organization.
🔄 The process of generating questions can be repeated to create a large number of questions for different contexts, including advanced knowledge assessment.
📈 The video provides examples of prompts for generating questions at different knowledge levels, from basic to advanced, tailored to experience levels in operational risk management.
📧 The speaker invites viewers to reach out via email for further exploration of how generative AI can enhance risk management productivity and quality in their organizations.
🔍 RIS Spotlight has conducted an in-depth analysis of over 100 use cases for utilizing generative AI in operational risk management over the past nine months.

Q & A

What is the main purpose of the video presented by Manos Kusal?
-The video aims to demonstrate how to utilize Chat GPT to evaluate operational risk knowledge, which is useful for individuals new to operational risk or for assessing knowledge of potential hires for operational risk roles.
Who is Manos Kusal and what is his role at RIS Spotlight?
-Manos Kusal is the co-founder and chief risk officer at RIS Spotlight, where their AI practice specializes in generative AI technologies to enhance productivity and quality of risk management activities in the financial services industry.
What is the first example presented in the video regarding the use of Chat GPT?
-The first example is requesting Chat GPT to create five multiple-choice questions to evaluate someone's basic knowledge on operational risk management without displaying the answers initially.
Why is it suggested to use the paid version of Chat GPT over the free version for operational risk management?
-The paid version, Chat GPT Plus, is recommended because it has been found to provide higher quality responses for operational risk management use cases compared to the free version.
How can the functionality of generating questions be utilized by a single individual?
-An individual can use this functionality to evaluate their personal knowledge on operational risk management, possibly by writing down their answers and later comparing them with the correct answers provided by Chat GPT.
What is one way to use the question-generating functionality during a team meeting?
-The functionality can be used to run an operational risk quiz competition, which can be both fun and facilitate joint learning within the team.
How can the generated questions be used during an interview process?
-The questions can be utilized to evaluate the knowledge of individuals being interviewed for operational risk roles.
What is the potential use of the generated questions for e-learning courses?
-The questions can be used to create a library of test questions for operational risk or compliance-related e-learning courses developed within an organization.
What is the process if one needs more than five questions for evaluation?
-If more questions are needed, the user can simply ask for five more questions, and Chat GPT will generate additional questions based on the context provided earlier.
How can the video script help in evaluating the knowledge of someone with a few years of experience in operational risk management?
-By changing the prompt to generate advanced questions targeted towards someone with 3 to 5 years of experience, the script can help evaluate whether the individual has the desired operational risk expertise.
What is the final example covered in the video regarding the use of Chat GPT for evaluating knowledge?
-The final example is generating questions for evaluating knowledge of operational risk experts, targeted towards individuals with 10 or more years of experience in operational risk roles.
How can generative AI enhance risk management productivity and quality in an organization?
-Generative AI can enhance productivity and quality by automating the generation of evaluation questions, facilitating knowledge assessment, and providing insights through advanced analysis of use cases.
What should one do if they are interested in learning more about how generative AI can benefit their organization's risk management?
-Interested parties should send an email to [email protected] for more information on how generative AI can be utilized for operational risk management.

Outlines

00:00

📚 Utilizing Chat GPT for Operational Risk Knowledge Evaluation

In this segment, Manos Kulal, co-founder and chief risk officer at RIS Spotlight, introduces how Chat GPT can be used to assess operational risk knowledge. This tool is beneficial for newcomers to operational risk or for evaluating potential hires. Kulal demonstrates generating multiple-choice questions without displaying answers, allowing users to self-assess before comparing with Chat GPT's correct answers. He emphasizes the use of Chat GPT Plus for higher quality responses and suggests that the tool can be used individually or in team settings for learning and evaluation purposes. Kulal also mentions the potential for creating a library of test questions for e-learning courses within organizations.

05:01

🔍 Advanced Operational Risk Knowledge Assessment with Chat GPT

The second paragraph focuses on generating more advanced questions for evaluating the knowledge of individuals with 3 to 5 years of experience in operational risk management. Kulal explains how Chat GPT can produce questions tailored to different levels of expertise, from basic to advanced. He illustrates this by generating a set of intermediate-level questions and then moves on to creating questions for operational risk experts with 10 or more years of experience. Kulal's examples show how Chat GPT can be a versatile tool for assessing deep expertise in specific areas of operational risk. The video concludes with an invitation for viewers to reach out for further insights on enhancing risk management productivity through generative AI.

Mindmap

Keywords

💡Operational Risk

Operational risk refers to the potential for loss resulting from inadequate or failed processes, people, systems, or external events. In the video, operational risk is the central theme, with the focus on evaluating knowledge related to managing and mitigating it within the financial services industry.

💡Chat GPT

Chat GPT is an AI-driven chatbot designed to interact with users and generate responses based on the input it receives. In the context of the video, it is utilized to create questions for evaluating operational risk knowledge, demonstrating its application in educational and assessment scenarios.

💡Evaluation

Evaluation, in this video, pertains to the assessment of an individual's understanding and knowledge of operational risk management. It is used to gauge the expertise of new hires, existing team members, or external consultants in the field.

💡Multi-Choice Questions

Multi-choice questions are a type of assessment tool that presents the respondent with a question and several potential answers, of which only one or a few are correct. In the script, Chat GPT is requested to generate such questions to evaluate basic knowledge on operational risk management.

💡Knowledge Assessment

Knowledge assessment is the process of evaluating an individual's expertise or understanding in a specific area. The video script describes how Chat GPT can be used to assess operational risk knowledge through generated questions, serving as a tool for self-evaluation or team development.

💡Operational Risk Management

Operational risk management is a discipline focused on identifying, assessing, and controlling the risks that arise from an organization's operations. The video discusses the use of Chat GPT to create questions that help evaluate an individual's basic, intermediate, and advanced knowledge in this area.

💡RIS Spotlight

RIS Spotlight is mentioned in the video as the company where the speaker, Manos Kulal, serves as co-founder and chief risk officer. It specializes in using AI technologies to enhance productivity and quality in risk management activities within the financial services industry.

💡Generative AI

Generative AI refers to artificial intelligence systems that can create new content, such as text, images, or music. In the video, generative AI is highlighted as the technology behind Chat GPT, which is used to generate questions for knowledge evaluation in operational risk.

💡AI Practice

An AI practice typically involves the implementation and utilization of artificial intelligence technologies to improve business processes. In the context of the video, RIS Spotlight's AI practice specializes in using generative AI to enhance risk management activities.

💡E-Learning

E-Learning refers to the use of digital platforms and technologies to deliver educational content. The video script suggests that the questions generated by Chat GPT could be used to create a library of test questions for operational risk or compliance-related e-learning courses within an organization.

💡Expertise

Expertise in the video refers to a high level of knowledge, skill, or mastery in a specific field. It is used to describe the deep understanding that operational risk experts possess, which can be evaluated through advanced questions generated by Chat GPT.

Highlights

The video presents how to use Chat GPT for evaluating operational risk knowledge.

It can be beneficial for those new to operational risk or for assessing potential hires.

Manos Kulal, co-founder and chief risk officer at RIS Spotlight, introduces the video.

RIS Spotlight specializes in generative AI technologies for risk management in financial services.

Chat GPT is used to generate five multiple-choice questions without displaying answers initially.

The audience can answer the questions first and then check with Chat GPT's provided answers.

Chat GPT Plus, a paid version, is recommended for better quality questions.

Free version of Chat GPT has been found to provide poor quality responses for operational risk use cases.

The functionality can be used by individuals to evaluate personal knowledge or in team meetings for quizzes.

Questions generated can help evaluate interviewees for operational risk roles.

A library of test questions can be created for e-learning courses on operational risk or compliance.

The video demonstrates generating more questions by asking for additional sets of five.

Advanced questions can be generated for evaluating experienced operational risk managers.

Questions can assess the expertise of external consultants in operational risk.

The video shows generating advanced questions for those with 3 to 5 years of experience.

For operational risk experts with 10+ years of experience, even more advanced questions are generated.

Generative AI can enhance productivity and quality of risk management, as analyzed in 100+ use cases.

Contact information for AI RIS spotlight.com is provided for further inquiries on generative AI in risk management.