Key facts
- 81% of banks utilize AI tools for operational risk management.
- The majority of AI applications in this field are experimental or limited.
- Cyber risk is an expanding use case for AI in banks.
- Concerns regarding governance and ROI are causing hesitation for some institutions.
A significant majority of banks, 81%, are now incorporating artificial intelligence tools or techniques to address at least one area of operational risk. However, the study reveals that most of this AI adoption is still in its early stages, characterized by pilot programs or limited deployments.
While the use of AI for managing operational risks is growing, particularly in the realm of cyber risk, some financial institutions are holding back due to lingering doubts about governance frameworks and the potential return on investment. These concerns are contributing to a cautious approach among a portion of the banking sector regarding broader AI integration into risk management practices.