A highly informative workshop was held on Sept 26 2024 on the topic of leveraging Artificial Intelligence (AI) in credit evaluation and risk management. A total of 30 members and guests joined the session, featuring a panel of experts—Dr. Francis Liu, Simon Kong, Raymond Lam, FCCA, and Calvin Ho (Moderator). Below is a summary of the key discussions:
1. How to begin an AI Journey? Panelists emphasized the importance of assessing readiness and the need for collaborations. Francis strongly suggested the key to begin is to start small and scale gradually.
2. What are the skillsets required to use AI in credit evaluations? They agreed that a strong comprehension on data science and ways to retrieve data are important.
3. What are the limitation in application of AI in credit evaluations? Panelists agreed that human oversight remains critical to ensure AI-driven decisions align with business goals and ethical considerations. Simon emphasized that human judgment is still irreplaceable, at least not in the near future.
4. How Does AI differ From Traditional Models? Raymond highlighted that AI models can learn and adapt in real-time, capturing subtle patterns that might be missed in conventional scoring systems.
5. Is AI Going to Replace the Role of Credit Manager? While AI is expected to automate many routine tasks, all panelists agreed that it is unlikely to completely replace credit managers, rather, it will enhance efficiencies and effectiveness.
The workshop provided valuable insights for businesses at different stages of their AI journey, offering practical steps to navigate the complexities of AI implementation in credit evaluation and risk management.
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