Integrating Artificial Intelligence Into Enterprise Risk Management

Integrating Artificial Intelligence into Enterprise Risk Management: Banking sector Opportunities and ChallengesStudent’s NameInstitution AffiliationCourseInstructorDateABSTRACTThe purpose of conducting the study is to examine the opportunities and challenges that organizations operating in the banking sector are exposed to when they integrate AI-based solutions into ERM practices. The study focuses on Saudi Arabia since the country has recorded increased adoption of AI-based solutions to plan and mitigate against possible risky events that are likely to occur in the banking sector. The adopted research design to collect the required data was a qualitative study design whereby five participants with advanced knowledge relating to risk management in the banking sector were interviewed using a structured open-ended questionnaire. A thematic approach was employed to analyze the data collected and to deduct conclusions from the perspectives provided by the experts in risk management practices. The findings indicated that the application of AI-based techniques in ERM systems is associated with positive implications as a result of the efficiency and effectiveness associated with these technological innovations. The data collected showed that the technology enhances risk detection and assessment, prediction, and prevention, and enhances efficiency in the banking sector ERM practices. However, the