Can artificial intelligence replace assurance, governance and risk management professionals?

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Abstract

The digitalization of most businesses through the integration of artificial intelligence (AI) presents a great threat to many professionals asking themselves if their skill set will still be relevant in the future. The purpose of the research was to understand if AI is ready to replace assurance, governance and risk management professionals in Southern Africa and across the globe. The author critically assessed the role of governance, assurance, and risk management professionals in business and the realities of emerging technology deduced from the author’s many years of practical work as an assurance professional. The methodology applied in this study was a narrative approach as the author wanted to gather the views of the conference participants and keep the audience engaged by asking questions during the conference session. The main findings of the paper were that governance, assurance, and risk management play a critical role in business strategy as corporate governance influences investment strategic decisions. This article challenges professionals to embrace and optimise innovative technologies to remain relevant in their areas of influence and expertise. In conclusion, businesses are encouraged to be more innovative and embrace entrepreneurship during the 4th to 5th Industrial Revolution (4IR to 5IR) transformation to improve efficiencies and customer experience (Paschek et al., 2019).

Keywords: Artificial Intelligence, Machine learning, Assurance, Governance, Risk Management

Authors’ individual contribution: The Author is responsible for all the contributions to the paper according to CRediT (Contributor
Roles Taxonomy) standards.

Declaration of conflicting interests: The Author declares that there is no conflict of interest.

JEL Classification: G32, G34, O16, O32, O33

Received: 29.12.2023
Accepted: 29.04.2024
Published online: 02.05.2024

How to cite this paper: Nene, P. R. (2024). Can artificial intelligence replace assurance, governance and risk management professionals? Risk Governance and Control: Financial Markets & Institutions, 14(2), 25–31. https://doi.org/10.22495/rgcv14i2p3