I-SAX-4: Technology-based risk management
The experiment aimed at uncovering risk management potentials in SMEs has been successfully carried out, with a special focus on the use of AI in risk management. This initiative was designed to strengthen the resilience of SMEs in the region and, by extension, the regional economy through transfer activities.
As part of the preparation for these activities, SMEs were provided with concrete use cases demonstrating the application of AI tools in risk management. The underlying hypothesis, that specific criteria for SMEs can be used to assign and map use cases for AI-based risk management, was validated. This approach showed that when AI is correctly implemented, it can rapidly achieve a return on investment or break-even point for companies in the areas of risk and resilience management. This successful application of AI in risk management has not only enhanced the capabilities of SMEs in handling risk but also contributed to the overall economic stability and growth of the region
The project successfully developed systematics for applying AI in risk management, tailored to various use cases. This included creating a comprehensive overview or list of AI use cases and technologies relevant to risk management. Over the long term, the team developed a concept or framework that laid the groundwork for a handbook or an online configurator. This resource allows SMEs to compile and customize their own individual use cases, enabling them to apply technology-based risk management effectively using AI tools. The completion of these activities represents a significant step forward in equipping SMEs with the necessary tools and knowledge to harness AI for risk management, enhancing their operational efficiency and strategic planning.