Impact of Artificial Intelligence on Enterprise Risk Management. A case study from the Slovak SME Segment

Research background: The enterprise risk management (ERM) in the small and medium-sized enterprise (SME) segment is key to sustainable growth and the survival of a business in a competitive environment. Artificial intelligence (AI), as a modern tool for increasing process efficiency within a company, can have a positive impact on the strategic decisions of owners and managers. Purpose of the article: The aim of this article is to evaluate the impact of implementing artificial intelligence on enterprise risk management in the SME segment. The objective of the case study is to examine market, financial, personnel, and operational risks. Methods: An online questionnaire was used to assess the subjective perception of owners and top managers. Respondents were defined as owners or top managers of SMEs in Slovakia. The data sample consists of 384 completed questionnaires. The case study was conducted in the business environment of the Slovak Republic in December 2024. Correlation analysis and linear regression analysis were used to verify the impact of AI on selected enterprise risk factors. Findings & Value added: Empirical results confirm that there is a significant positive impact of using AI on enterprise risk management in the SME segment of the Slovak Republic's business environment. The utilization of artificial intelligence has the greatest impact on managing personnel and financial risks. The results indicate that AI positively influences the work efficiency of human resource personnel and contributes to enhancing the financial performance of SMEs. A positive impact of AI utilization was also confirmed in the context of market risk management, particularly in enhancing the competitiveness of enterprises. The smallest, yet still statistically significant effect of AI was observed in the management of operational risk, specifically in reducing difficulties related to the distribution of products or services.