The Chartered Institute of Loan and Risk Management of Nigeria has called for a greater integration of artificial intelligence in risk management strategies across various industries.
The institute emphasised that leveraging AI technologies could help mitigate potential risks, prevent project failures, and ultimately reduce financial losses caused by fraud.
The CILRM President, Nkechi Akubuiro, stated this at the just-concluded 14th Annual Risk Professionals International Conference in Abuja, themed: “Artificial Intelligence: An Essential Factor in Risk Management Practices”.
According to Akubuiro, artificial intelligence is transforming risk management practices.
The CILRM president explained that the future of risk management extended beyond mitigating threats to leveraging AI for opportunities.
She said, “Many of you are here because of artificial intelligence and I want to encourage you. AI is taking over many life endeavours. You know very soon that if you have no idea what it means to your profession, you are illiterate.
“If you don’t know how to apply it to your profession, you will become illiterate very soon….
