How agentic AI can transform risk management services

From increased efficiency to better productivity, Christopher Richardson, UK Financial Services Risk Consulting Leader at EY, shares the impact agentic AI can have on risk management.

In this interview, Chris discusses the key steps for organisations to adopt agentic AI, including reimagining processes, balancing risk strategists and traditionalists, and developing a strategic workforce plan. Chris emphasises the urgency for Chief Risk Officers (CROs) to act now to navigate the evolving macroeconomic landscape and leverage agentic AI to cover more risks effectively.

Reimagining the risk function with agentic AI

Agentic AI offers an opportunity to fundamentally shift the traditional risk function within organisations. At a recent panel at RiskMinds International, experts discussed how agentic AI could provide comprehensive coverage of the risk universe, allowing organisations to anticipate unexpected events more effectively. By working proactively and aligning more closely with business strategies, agentic AI enables a more dynamic risk management function.

Advantages of implementing agentic AI

The benefits of agentic AI in risk management are multi-faceted. From a financial perspective, AI can enhance efficiency, enabling organisations to deliver risk management services more effectively to business clients. The productivity gains are substantial; with access to more data, organisations can achieve desired outcomes with greater accuracy and timeliness.

Steps for adopting agentic AI

To successfully integrate agentic AI, organisations must undergo a paradigm shift in their function conceptualisation. Chris detailed several key steps in this transformation:

Reimagining processes:

Companies must move beyond traditional steps and explore new ways of achieving desired outcomes. This includes simultaneous and innovative process execution.

Balancing traditions and innovation:

A crucial aspect of adoption is harmonising traditional risk management with strategic innovation. By fostering collaboration between risk strategists and traditionalists, organisations can blend unparalleled expertise with forward-thinking strategies.

Workforce evolution:

Sustaining AI integration requires new skills. Organisations should develop strategic workforce plans to acquire necessary talents. The competition for skills is fierce, but a strategic approach can accelerate talent acquisition and foster innovation.

The imperative for immediate action

Acting swiftly is paramount in the context of current macroeconomic challenges. Unpredicted shocks and risks are becoming more prevalent, and the potential of agentic AI to address these efficiently cannot be overstated. Chris highlighted that, by capitalising on AI, organisations gain the ability to manage more expansive risks, anticipate unforeseen events quickly, and achieve robust outcomes with business partners.

As organisations face unprecedented risks, integrating agentic AI into the risk management function is no longer an option – it's a necessity. By taking bold steps today, leaders can ensure their organisations are well-equipped to thrive amidst uncertainty.

Learn about the latest trends in risk management practices from leading practitioners and experts at RiskMinds International. Save the date – 16-19 November 2026, London!