The impact of artificial intelligence in operational risk management

• Autor(a) principal: Carvalho, Maria Carolina Pereira de
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10071/23075
• topic: Operational risk; Artificial intelligence; Risco operacional; Inteligência artificial; Automatização -- Automation

Within the risk areas, Operational Risk is the furthermost unexplored area of all. Considering the last decades and the several economic crises that Europe and the world have experienced, Operational Risk is a rising area and companies are slowly starting to realize that the more they invest on the control of Operational risks, the less profits they lose. Artificial Intelligence is the critical topic of the century, being wide enough to cover almost every area imaginable, bringing easy, cheaper and more precise ways of doing all sort of tasks. This research reflects the progresses made by companies from various sector of activity in the implementation of Artificial Intelligence technologies in the mitigation and control of Operational Risks. The qualitative research completed by the analysis of a set of interviews revealed the deficiency of investment around Operational Risk, as well as the absence of knowledge and information concerning the progress on the Artificial Intelligence technologies applicable to Operational Risk controls. Obstacles as the lack of human resources capabilities and prioritising other sectors were shared by the interviewees as an impediment to the application of AI systems in OpRisk. Companies must develop and invest in the Operational Risk departments, considering the existing Artificial Intelligence solutions that allow for the maturation and improvement of the control of these risks and, therefore, allows to mitigate losses that occur from them.