Towards Automation and Elimination of Subjectivity in Industrial Risk Management Based on Artificial Intelligence

Abstract

Risk management is one of the fundamental components of a company's success, whatever its sector of activity. This paper reviews the work done in the field of risk management, both traditionally and by integrating Artificial Intelligence. It highlights the way in which risk management was solved in the traditional way, discussing methods and approaches and citing the limitations of traditional risk management. It also outlines research into the integration of Artificial Intelligence into risk management in the various phases of the risk management process. Based on the open literature published in the various journals in the field of risk management, the stages of the risk management process are the result of human judgment, which may identify risks or, for psychological or/and social reasons, may not, so human subjectivity influences the risk identification phase and all phases of the risk management process. To reduce this subjectivity and to reduce human contact in this phase, our article proposes a model based on Artificial Intelligence that attempts to identify risks and treat them in order to reduce or eliminate existing risks.