Contributions of Artificial Intelligence in Operational Risk Management

Maria Carolina Carvalho, Rui Gonçalves, Renato Lopes da Costa, Leandro Ferreira Pereira and Alvaro Dias
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Maria Carolina Carvalho: ISCTE, Lisbon University Institute, Portugal
Rui Gonçalves: ISCTE, Lisbon University Institute, Portugal
Renato Lopes da Costa: ISCTE, Lisbon University Institute, Portugal
Leandro Ferreira Pereira: ISCTE, BRU, Lisbon University Institute, Portugal
Alvaro Dias: ISCTE, Lisbon University Institute, Portugal

International Journal of Intelligent Information Technologies (IJIIT), 2022, vol. 18, issue 1, 1-16

Abstract: Considering the last decades and several economic crises, operational risk is a rising area, and companies are slowly realizing that the more they invest in it, the less profits they lose. Artificial intelligence is the critical topic of the century, wide enough to cover all conceivable areas, bringing easy, cheaper, and more precise ways of doing tasks. This paper reflects the progresses of implementing artificial intelligence technologies in the control of operational risks. The qualitative research revealed the deficiency of investment as well as the absence of information concerning the progresses on the AI technologies applicable to OpRisk controls. Obstacles as the lack of human resources capabilities and prioritising other sectors are impediments to this automation. Companies must invest in the OpRisk departments, considering the existing AI solutions that allow the maturation of OpRisk controls and, therefore, mitigate losses that occur from them.

Date: 2022
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