5G is the Lynchpin to Modern Risk Management
Since the beginning of human existence risk has remained a constant. Whether it was the use of fire, stone tools, or barbed wire fences, technological advancement has always allowed humans to manage unintended loss.
Modern technological solutions have enormous potential to increase the options businesses have when dealing with risk. Technologies such as Internet of Things (IoT), artificial intelligence, and data analytics are contributing to this effort. Thanks to rapid technological progress, organisations are now able to identify risk, predict unwanted risk, achieve compliance, and gain live feedback on risky activities in order to inform decision-making. At the centre of these tech systems is one other technology that is critical to their effectiveness, and that is 5G connectivity.
What exactly is 5G?
5G is the fifth generation technology standard for broadband cellular networks. It was first deployed by cell phone companies in 2019, which succeeded fourth generation broadband systems.
5G enables modern phones, electronic devices, software and sensors used in modern business settings. Without fast wireless network connectivity many modern systems would cease to operate.
It is able to use higher frequencies than 4G networks and provide much higher capacity and significantly lower latency. It will be replaced with sixth generation technology (6G) within the next 15 years or so.
Enabling technological capability
In our homes, schools, and cafes, we have become accustomed to asking: how is the broadband? This information allows us to understand what the broadband strength will enable us to do. The stronger the broadband, the better the experience. The same applies to the adoption of modern risk management technologies – in that; we must have fast and reliable internet connectivity to unlock the full benefits of technology.
This reliance on 5G connectivity is not restricted to risk management technologies themselves. It also applies to the daily operation of the utilities that underpin them such as national electricity grids and satellite networks.
Risk management technologies
The following are a list of modern risk management technologies which heavily utilise the speed and capacity of internet connectivity:
CLOUD COMPUTING: is the provision of technological resources over the internet. Instead of procuring, and managing physical data centres , technology services are accessed on an as-needed basis from third-party providers. Some of these cloud computing providers such as Google and Apple have become some of the most profitable companies in the world.
ROBOTIC PROCESSES: is a form of business that involves defining a set of instructions for a robot to perform. Within risk management, specific use cases of robotic processes is adopting bots to onboard new employees or suppliers. The software bot is able to retrieve online data which allows the organisation to automatically “weed out” unwanted entities – such as poorly performing contractors who have a history of non-compliance and prosecution.
MACHINE LEARNING AND AI: is the leveraging of computers to mimic the unique problem solving and decision making capabilities of humans in management. AI is used to enhance the inhouse risk management processes. Machine learning can be used to analyse both live data on the factory floor, and historical data of incidents to predict future risks to the organisation.
BIG DATA ANALYTICS: is the collection and analysis of large volumes of datasets in order to discover trends and inform decision-making on risk. In short, data helps corporate risk managemet make better decisions.
CYBERSECURITY: is the business of protecting IT networks, IT systems, and IT programs from digital attacks by outside forces. Cyber attacks are designed to retrieve, change, or destroy company information – or to extort ransoms from companies – or to disrupt their normal business.
Future reliance on broadband
There is no shortage of technologies that lay claim to the title of most important technology of the 21st century. However 5G is key to unlocking the full potential of most of them. Designers of data centres, robots, and AI management software will always be tasked with making their technologies compatible with 5G connectivity and subsequent generations of broadband. It is ironic that the key to the success of sixth generation broadband (6G) will be the utilisation of other emerging technologies such as blockchain, mobile edge computing, and short-packet communication. However internet connectivity is the system that enables it all to work. This makes developments in broadband one of the true pillars of modern risk management.
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Garry McGauran MSc. is author and editor at Emerging Tech Safety. He has 18 years experience as a prototype risk assessor, design safety consultant and academic research advisor, as well as heading up his own drone inspection service. He is a freelance safety & risk consultant serving the tech and utility sectors in Ireland and the UK.
