Nigeria Embraces Artificial Intelligence in Risk management and fraud Detection.
Nigeria is actively embracing Artificial Intelligence in risk management.
The Chartered Institute of Loan and Risk Management of Nigeria (CILRMN) emphasizing the need for members to leverage Arificial Intelligence in fraud detection.
The President and Chairman of the Governing Council of the Institute Dr. Harriet Nkechi Akubuiro, gave this charge in Abuja at the 2024 international conference of the Institute.
A conference held on Saturday, the 30th of November, 2024.
Insisting that Artificial Intelligence is revolutionalising risk management worldwide.
The theme of the conference is Artificial Intelligence: An Essential Factor in Risk Management Practice”.
Akubuiro maintained that the technology improves accuracy and efficiency, enhances risk management practices, provides simulation capabilities, and reduce risks in credit decisions and modelling.
The Provost, College of Postgraduate Studies, Veritas University, Prof. Linus Osuagwu who identified risk management as an integral component of strategic management decisions in organizations in his keynote address.
Explaining that systematically identifying and addressing risks can safeguard their objectives and capitalize on potential opportunities, thereby ensuring sustainable growth in the ever-changing environments of operations.
Benefits of Artificial Intelligence in Risk Management and Fraud Detection in Nigeria.
The CILRMN’s 2024 international conference highlighted the importance of optimizing risk management using Artificial Intelligence.
AI is revolutionizing risk management worldwide, improving accuracy and efficiency, enhancing risk management practices, and providing simulation capabilities.
AI reduces risks in credit decisions and modeling, assists in analyzing big data, enables financial disclosures, and consequent risk quantum.
The CILRMN’s 2024 international conference highlighted the importance of optimizing risk management using AI. AI incidents are quietly shaping the future of risk management, and its benefits are overwhelming.
Nigeria is on the verge of formulating its inaugural national AI policy, a strategic initiative poised to drive the country’s aspiration for transformative growth through AI technology.
Key Considerations in Nigeria Adoption Artificial Intelligence in Risk management and Fraud Detection.
According to Osuagwu, AI stands as a transformative force with regard to risk management.
Adding that, it offers tools that enhance accuracy, efficiency, and responsiveness.
While AI enhances risk management predictions, it’s essential to recognize and address its challenges.
Organizations should adopt a balanced approach, integrating AI with human oversight, ensuring data quality.
Adhering to ethical standards, and maintaining compliance with regulatory requirements.
The Future of AI in Risk Management and Fraud Detection in Nigeria.
Nigeria’s adoption of AI in risk management is a step towards harnessing the advantages of AI while mitigating associated challenges.
As AI continues to shape the future of risk management, it’s essential to prioritize ethical considerations, transparency, and human oversight.
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