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Research Paper | Information Technology | India | Volume 11 Issue 12, December 2022 | Popularity: 4.9 / 10
The Role of Artificial Intelligence in Strengthening Risk Compliance and Driving Financial Innovation in Banking
Srinivasarao Paleti
Abstract: Staggeringly leveraged, glacially rising interest rates, seemingly unintended consequences of central bank actions, a rolling list of systemic bank failures, an imploding crypto ecosystem, all warranting a newfound respect for all things risk. Meanwhile, AI?s rampant success in other industries and banks? hitherto slow embrace of both FinTech and AI-based solutions appear tragically at odds. First, a detailed look at how banks leveraged AI to augment risk control?a rapidly rewritten regulation cast in stone, which led to the founding of the BCBS and the international standardization of risk management?a focus on huge credit risks and a general decline of market risks. Some banks went completely broke and led case-by-notable-case changes to regulation and practice. A second, stylized, glance with a broader scope ranging from LiDAR for portfolio management to support for decision-making on capital and orbiting instead of honed in on a fully different race imbued by open science, by some un{{N}} ovated datathons. Finally, with knowledge assembled from peers and failed portrayed examples of plausible new unresolved coding errors for regulators? analyses, Supervisory AI or SA on a par sphere aimed entirely at outside insurmountable errors while organ assumed by some design (Un)Financially Safe Pillars?besides T-model prediction Model/Atomic/CBM, ad-length/entailed/ID-ed and refund to avoid per fall.
Keywords: Artificial Intelligence (AI), Risk Compliance, Financial Innovation, RegTech (Regulatory Technology), Machine Learning (ML), Fraud Detection, Predictive Analytics, Banking Automation, Regulatory Compliance, Customer Due Diligence (CDD), Know Your Customer (KYC), Real-time Monitoring, Credit Risk Assessment, AI-driven Decision Making, Digital Transformation in Banking
Edition: Volume 11 Issue 12, December 2022
Pages: 1424 - 1440
DOI: https://www.doi.org/10.21275/SR22123165037
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