The sophistication and application of Artificial Intelligence within the financial services industry has accelerated in the past year or so due to the emergence of generative AI and its large language model subset, most notably OpenAI’s ChatGPT. 

Alongside the more established natural language processing, the ability of these new tools and models to variously process and produce text and create content is of clear interest to risk management functions within banks as they look to provide unique insights, shape strategies and mitigate risks. 

In this paper we assess potential application of these technologies seven risk types that are present within financial services risk frameworks.