Paper Title
The Future Of Machine Learning (ML) and Artificial Intelligence (AI) in Risk-Management
Article Identifiers
Authors
Nihar Gandhi
Keywords
Artificial intelligence, Machine learning, Risk, Taxonomy of risks, Systematic risk, Unsystematic risks, Credit risk, Market risk, Liquidity risk, Operational risk, Interest rate risk, Value-at-risk, Risk management, Supervised Learning, Unsupervised learning, Reinforcement learning, Deep learning, Neural networks, Natural language processing (NLP), Big data, Credit risk modelling, Fraud detection, Algorithmic trading, Regtech, Anomaly detection.
Abstract
Abstract There are many different kinds of risks faced by firms and individuals presenting a need for sound risk-management techniques as to avoid unforeseen losses and inefficiency of decision making. Over the years a lot of traditional methods have been used by financial risk managers and developments on them have never stopped. However, in recent years a breakthrough has occurred with the introduction of Machine Learning (ML) and Artificial Intelligence (AI). The way how risks are being managed now and will be in the future have significantly and will continue to transform. The extreme volumes and complexity of modern data have made machine interventions not voluntary but kept firms under the heel of machine intelligence. The paper starts by illustrating the taxonomy of risks, the need for risk-management and how risks are traditionally managed. Then a detailed description of Machine learning is made, followed by the application of machine learning in risk-management. Further the benefits and limitations of not applying human intelligence are analysed with the use of examples. Then the consequences are evaluated leading to the thought of the future of machine learning in risk-management and supported by a real-life primary data survey carried out to test the hypothesis.
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How To Cite (APA)
Nihar Gandhi (December-2023). The Future Of Machine Learning (ML) and Artificial Intelligence (AI) in Risk-Management. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(12), e392-e414. https://ijnrd.org/papers/IJNRD2312436.pdf
Issue
Volume 8 Issue 12, December-2023
Pages : e392-e414
Other Publication Details
Paper Reg. ID: IJNRD_211882
Published Paper Id: IJNRD2312436
Downloads: 000121998
Research Area: Commerce
Country: Mumbai, Maharashtra , India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2312436.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2312436
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition
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