Key facts
- Banks are struggling to integrate AI risk into their operational oversight frameworks.
- Accountability for AI risk is fragmented across financial institutions.
- Most banks lack adequate controls to manage AI risks.
- The findings are part of Risk.net's latest Operational Risk Benchmarking study.
Operational risk managers are actively trying to incorporate artificial intelligence risk into their second-line oversight frameworks, according to the latest findings from Risk.net's Operational Risk Benchmarking study. The research indicates that accountability for AI risk is fragmented among banks, with a majority of institutions lacking sufficient controls to effectively manage these emerging threats. The study, which surveyed 61 banks, highlights a collective unease as financial institutions race to integrate AI into their operational risk management processes.