APPLICATION OF BLOCKCHAIN AND ARTIFICIAL INTELLIGENCE IN BANK RISK MANAGEMENT
APPLICATION OF BLOCKCHAIN AND ARTIFICIAL INTELLIGENCE IN BANK RISK MANAGEMENT

Summary/Abstract: The transformation from analogue to digital risk management is becoming a prerequisite in the implementation of the incresingly digital bank institutions’ strategies. Among the key steps in this direction is the optimal use of blockchain technology’s potential and artificial intelligence. Huge hopes are set on blockchain in view of two key risks facing today’s banks: the danger of using the bank system for money laundering and financing terrorism, and cyberattack threat. Artificial intelligence, in turn, creates conditions for processing large arrays of unstructured data risk, more precise identification of potential problems in the future, full automation of manual processes in risk function, credit scoring automation, developing adequate market risk assessment models, etc.

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