The Role of Artifical Intelligence in Enterprise Risk Managment
Loading...
Date
2023-03
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
The British University in Dubai (BUiD)
Abstract
In the modern world, artificial intelligence is not a new concept. Companies, both large and small have incorporated artificial intelligence in risk management. AI can be an effective tool in business since it drives cost efficiencies and operational awareness. Businesses presently use artificial intelligence to achieve strategic transformation, including better risk management. Effective risk management is relatively considered far from becoming an innovation inhibitor, but it’s pivotal to the successful adoption of artificial intelligence. One the main challenges for organizations is less about dealing with new risks or existing risks, but getting the right framework to handle the risks in a timely manner. To avoid issues with risk management, organizations must learn how to reap the benefits of AI. This will make them prepared to handle future risks. Therefore, management and boards must develop a meaningful understanding of new risk management technologies, including the existing and potential uses within organizations. They also need to take a firm grip on the implications of artificial intelligence from a risk perspective. In this research, the aim is to evaluate the effectiveness of artificial intelligence in enterprise risk management, and especially on the context of increased accuracy, efficiency, and speed of decision-making. This research will uncover the biggest challenges that organizations experience when incorporating AI for enterprise risk management and discuss how organizational management can leverage AI to improve enterprise risk management. To complete the research, quantitative data will be collected from different sources, and then analyzed for implications in risk management.
Description
Keywords
AI-driven risk assessment, predictive analytics for risk mitigation, automation of compliance processes, cyber security and ai in risk management, ethical considerations in AI-based risk management