IsDB official highlights AI role in audit and risk management

Artificial intelligence, data analytics and digital technologies will be used more extensively in audit, risk management and financial control in the future, Abdourabbih Abdouss, Chief Financial Officer of the Islamic Development Bank (IsDB) Group, said.

Report informs that he made the remarks at the "Digital Public Audit for Sustainable Regional Integration" event organized by Azerbaijan's Chamber of Accounts as part of the Bank's 51st Annual Meetings.

He noted that the pace of technological development has increased significantly in recent years, with the development of large language models (LLMs) opening up new prospects.

"We are witnessing rapid transformations in technology, artificial intelligence and data analytics. We must use these opportunities to improve the work of our institutions and optimize procedures. Artificial intelligence makes it possible to establish correlations between various sources of information and obtain important results by analyzing both open and internal data," Abdouss said.

In addition, he drew attention to the fact that artificial intelligence technologies themselves also need oversight mechanisms.

"The principles on which AI systems operate, the purposes for which they are programmed and the way they are managed are also important issues. In the future, artificial intelligence may be used to evaluate other AI systems," he said.