ARTIFICIAL INTELLIGENCE AS A CATALYST FOR EFFECTIVE RISK MANAGEMENT IN THE FINANCIAL SECTOR: PERSPECTIVES, TOOLS AND CHALLENGES

Abstract

The paper analyzes the role of artificial intelligence (AI) in risk management in the financial sector, with a special focus on software tools, challenges, and application perspectives. Through a multifaceted study based on available sources, as well as a review of relevant literature, the process of how artificial intelligence systems convert the process of identifying, analyzing, and controlling risks in the financial sector is discussed. By reviewing application systems based on artificial intelligence in the financial sector, i.e. their elementary benefits in the field of risk control, the paper points to advantages such as improved accuracy and efficiency, but also to challenges such as model transparency and regulatory and ethical compliance. Given the intensive development of technology and the growing value of the frequency of information flow, it is obvious that in the years ahead we will face the challenge of managerial affirmation towards modern systems based on artificial intelligence.