The views and opinions expressed in this article are those of the thought leader as an individual, and are not attributed to CeFPro or any particular organization.
By Roderick Powell, Head of Model Risk Management, Ameris Bank
Can you provide an overview of RPA and the opportunities it presents within an institution?
An RPA can be defined as a computer application that automates a manual process or cognitive task. RPA Tools sometimes incorporate artificial intelligence (“A.I.”), i.e., machine learning (“ML”) and/or natural language processing (“NLP”). In the latter case, an RPA Tool may also be considered a “model.” When an RPA Tool is combined with A.I., it is usually referred to as Intelligent Automation (“I.A”) or Hyper-automation.
More specifically, the Institute for Robotic Process Automation and Artificial Intelligence (“IRPAAI”) defines RPA as the application of technology that allows employees in a company to configure computer software or a robot (“BOT”) to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.
RPA can present many opportunities within an institution, with a major potential to free up employees to focus on more cognitive tasks rather than repetitive and tedious processes like sending emails or data entry. When an RPA is fully functional, operations run quicker and more efficiently and leads to higher productivity. This can also reduce task processing time and save associated costs with a process lasting longer than expected.