Artificial Intelligence for Risk Mitigation in the Financial Industry - Hardcover

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Ambrish Kumar Mishra is a scholar in the School of Management at Gautam Buddha University in Greater Noida, Uttar Pradesh, India. He got his Master's in banking services from Amity University Noida, India in 2014. He has published research papers, served as a mutual fund and GST trainer with the BFSI sector skill council in India, and has received various awards in the field of research.
 

Professor Dr. Shweta Anand is the dean of the School of Management at Gautam Buddha University in Greater Noida, Uttar Pradesh, India. She earned a PhD in Wealth Management from MNNIT. She has helped guide various PhD Research scholars and has won several awards and accolades.
 

Professor Dr. Narayan C. Debnath is the founding dean of the Department of Software Engineering in the School of Computing and Information Technology at Eastern International University in Vietnam. He also serves as the Head of the Department of Software Engineering. Dr. Debnath earned a Doctor of Science degree in Computer Science and also a Ph.D degree in physics. He is the author of 450 publications, received numerous Honors and Awards for his research, and served as a guest editor of the Journal of Computational Methods of Science and Engineering published by the IOS Press, the Netherlands.
 

Archana Patel is a faculty member of the Department of Software Engineering in the School of Computing and Information Technology at Eastern International University in Binh Duong Province, Vietnam. She completed her Ph.D. in Computer Applications and a PG degree from the National Institute on Technology in Kurukshetra, India in 2020 and 2016. Dr. Patel has received various awards for her presentation of research work, published in 30 referral journals, and has served as a reviewer in various reputed journals and conference proceedings.

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This book extensively explores the implementation of AI in the risk mitigation process and provides information for auditing, banking, and financial sectors on how to reduce risk and enhance effective reliability.

The applications of the financial industry incorporate vast volumes of structured and unstructured data to gain insight into the financial and non-financial performance of companies. As a result of exponentially increasing data, auditors and management professionals need to enhance processing capabilities while maintaining the effectiveness and reliability of the risk mitigation process. The risk mitigation and audit procedures are processes involving the progression of activities to “transform inputs into output.” As AI systems continue to grow mainstream, it is difficult to imagine an aspect of risk mitigation in the financial industry that will not require AI-related assurance or AI-assisted advisory services. AI can be used as a strong tool in many ways, like the prevention of fraud, money laundering, and cybercrime, detection of risks and probability of NPAs at early stages, sound lending, etc.

Audience

This is an introductory book that provides insights into the advantages of risk mitigation by the adoption of AI in the financial industry. The subject is not only restricted to individuals like researchers, auditors, and management professionals, but also includes decision-making authorities like the government. This book is a valuable guide to the utilization of AI for risk mitigation and will serve as an important standalone reference for years to come.