With the advent of new Artificial Intelligence (AI) tools, where is risk management headed? How are they affected by the changes? Risk management is essential and becoming more so due to increased risk measures, and it’s important to understand what’s happening in the industry. To that end, today’s guest, Tyler Foxworthy, will share his expertise on the subject.
Tyler Foxworthy was the Chief Data Scientist at Resultant, then the Chief Scientist at Demand Jump. Before founding his own company, he applied statistics and machine learning to help the medical device industry make informed decisions about changes to their devices. The company that he founded, Vertex was acquired by Greenlight Guru, where Tyler is now the Chief Scientist.
Listen to the episode to hear Tyler explain more about data quality, the future of risk assessment, and how Bayesian statistics and analysis come into play.
Some of the highlights of this episode include:
- When can we reach a point where we know the data is accurate
- The future of risk assessment for MedTech
- Why use a model for predicting risk
- How this model impacts a company
- The change in trajectory for the medical device industry
Memorable quotes from Tyler Foxworthy:
“There is no such thing as absolutely perfect data, there’s only degrees of quality.”
“I would like to see it as more rigor, in general, brought to the industry.”
“This whole field of probabilistic risk assessment is firmly rooted in Bayesian analysis.”
“This idea of using, bringing out tools and techniques and knowledge from other domains and fork lifting it into our industry, and making it valuable, to me there’s just something really intellectually appealing about that.”
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