AI and machine learning are reimagining risk management in FNB -In recent years, FNB Risk embarked on a data-powered strategic effort aimed at creating enhanced and interconnected insights across risk... -
In recent years, FNB Risk embarked on a data-powered strategic effort aimed at creating enhanced and interconnected insights across risk business units while driving efficiency, eliminating redundant activities, keep up with complex, evolving and emerging risks and freeing up risk and other professionals to do what they’re best at.
AI and ML can also help combat the security risks that come from a growing number of internet-connected devices combined with globalisation — a combination that opens the door to a growing number of attacks from international adversaries. That frees up the risk team to take deeper dives and identify root causes, while also positioning us to identify emerging risks and by leveraging our internally developed AI system we’re able to meet regulatory requirements and make forensic due diligence decisions faster, more accurately, and more efficiently. This AI system has been scaled to the rest of Africa, where it’s being used for fraud investigation, suspicious transaction reporting, and even to enable the risk advisory space.
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