The role of Artificial Intelligence in the identification and monitoring of risks Exploratory analysis of the kind of support AI could provide in an organization’s risk management.

Details

Supervisors

Decaux, Loïc

Faculty

Louvain School of Management

Degree label

Master [120] : ingénieur de gestion, à finalité spécialisée

Abstract

Purpose – The objective of this thesis is to conduct an exploratory analysis on the use of artificial intelligence (AI) in risk management departments. Methodology – The work is first composed of a literature review outlining each concept separately, and then confronting them. The field analysis of this thesis is based on six interviews conducted with risk managers and AI specialists working in different sectors such as insurance or transportation. The input of the interviews is subsequently analysed according to the specific topics raised. Main findings – The conclusion drawn from all this analysis is that AI could be a valuable support tool for the decision making process in risk management. However, organizations need to be aware that the implementation of AI tools needs to be carefully prepared from different angles. Practical implications – The outcome of this exploratory analysis indicates key attention points for risk managers considering to implement AI to help them identify and manage risks. In this work, this is translated in a checklist with items to consider from a people/process/tool perspective, to help move from the hypothetical reflection to the setting up of a project. Research limitations – This thesis has three main limits: the limited existing scientific literature, the people’s limited knowledge of AI capabilities/functioning and the current sanitary crisis that impacted people’s mindset.