Research on the impact of artificial intelligence on financial security in the context of modern technological challenges

Abstract

The ambiguous nature of the consequences of the introduction of artificial intelligence necessitates the investigation of its benefits and risks in the context of financial security. The purpose of this study was to assess the existing prospects and risks of introducing artificial intelligence in the area of financial security of companies and institutions and to develop mechanisms to mitigate the identified problems. The study employed the statistical method, the predictive method, the descriptive method, the methods of analysis and synthesis, and the qualitative method. The study identified the main promising areas for the introduction of artificial intelligence, including detecting anomalies, improving payment procedures, authenticating documents, minimising errors, providing advice on making best investment decisions. The principal disadvantages identified included risks to the security of information and personal data, the risk of bias, injustice and discrimination, job displacement, and the loss of people’s working skills. But of particular concern are the long-term global consequences of artificial intelligence’s impact on society as a whole, and doubts about the ability to control it. To mitigate the identified risks, the study proposed to use the Senior Managers and Certification Regime (SM&CR) tool, which makes it possible to hold employees accountable for their behaviour and competence. The need was also emphasised for the company’s management to be fully aware of all aspects of artificial intelligence implementation, including its type, associated risks, opportunities, impact on all stakeholders. The findings of this study can be useful in the practice of companies and institutions planning to implement artificial intelligence to raise awareness of the benefits, risks and their minimisation.