ARTIFICIAL INTELLIGENCE (AI) IN FINANCIAL RISK MANAGEMENT: TRANSFORMING DECISION-MAKING IN BANKING AND CORPORATE FINANCE

As technology continues to evolve, people are constantly seeking new ways to simplify their workflows. It indicates that people are looking for alternative methods to perform duties more efficiently. The advancement of artificial intelligence (AI) has been advantageous to stakeholders, including financial specialists and bankers. For years, financial services have initiated initiatives to develop artificial intelligence (AI) to assist with a diverse array of job responsibilities. Artificial intelligence looks to be replacing humans in several tasks. It also indicates that the demand for human capital in certain occupations has dropped, which may have negative long-term consequences as the majority of people will remain unemployed. In reality, the concept of financial risk management is where AI truly succeeds. Due to advancements in artificial intelligence, many financial services are now completed with greater speed and efficiency compared to previous methods. Artificial intelligence (AI) is being used into financial services by financial managers and other stakeholders to improve accuracy of financial outcomes and save time. Artificial intelligence (AI) aids in more informed decision-making, which lowers costs and reduces risk in the financial services sector. Therefore, when used properly, AI may benefit the industry and foster its expansion and advancement.