Data Analytics, Risk & Technology Lab inaugurated at IIT Madras
By Tanisha Jindal
American Express sets up data analytics, risk & technology lab at Indian Institute of Technology Madras (IIT-M) on Thursday. The main objective of the lab is to position itself as a hub of research in risk analytics and behavioural sciences by leveraging machine learning/artificial intelligence (ML/AI) and related technologies.
The amount utilized in the establishment of the lab was granted by American Express and yet undisclosed. American Express, a financial giant, has also commenced annual scholarships for economically disadvantaged and meritorious students. The scholarships comprise ‘Ambition Awards’ for deserving women students at IIT-M.
The laboratory would concentrate on risks that arise from human behaviour and decisions. The aim of the lab is to best manage risk by developing a "science-based understanding of humans’ strengths and weaknesses." It will contribute to evolving technologies to estimate the cognition and attention of the decision-makers and resist potential accidents in high-risk industries.
According to Bhaskar Ramamurthi, Director, IIT Madras, The scholarships and awards will motivate women students to excel in STEM and pursue enriching careers at the postgraduate level. He further said that they look forward to continued support from American Express for growing these efforts in the coming years.