AI-Powered Fraud Prevention: Expert outlines how AI is Redefining Corporate Risk Management

In a groundbreaking presentation at a Corporate Finance Symposium in Lagos, financial expert Kolade Ogunsola presented how artificial intelligence is transforming corporate risk management, drawing key lessons from global giants Amazon and JPMorgan Chase.

“Traditional fraud prevention methods are no longer sufficient in today’s digital economy,” stated Mr. Ogunsola, highlighting that companies lose approximately 5% of annual revenues to fraudulent activities. “The future of corporate risk management lies in AI-powered solutions that can predict and prevent fraud before it occurs.”

The chartered accountant and MBA holder presented compelling case studies of two industry leaders. “Amazon’s AI systems prevented 700,000 bad actors from creating selling accounts in 2023 alone, while JPMorgan Chase’s Contract Intelligence system (CoiN) processes 12,000 documents per second, saving $150 million in its first year of adoption,” Mr. Ogunsola explained.

Drawing from his numerous research on Risk Management, his extensive experience as a trained auditor and currently a finance manager in a leading technology company. Mr. Ogunsola outlined a comprehensive Strategic Fraud Mitigation Framework built on four key pillars:

● Risk identification through AI-powered data analysis

● Real-time risk assessment using machine learning

● Automated prevention mechanisms

● Continuous monitoring with advanced analytics

“This isn’t just about preventing losses,” Ogunsola emphasized. “It’s about transforming risk management from a cost center into a strategic advantage that drives business growth.”

Mr. Ogunsola also stressed the emerging trend of Cross-industry collaboration. “The success of Amazon’s and JPMorgan’s systems demonstrates how insights from e-commerce can benefit banking, and vice versa.” He added that the cross-pollination of ideas and technologies is likely to accelerate, creating more robust and versatile risk management solutions across sectors.

The presentation sparked significant interest among Nigeria’s corporate leaders, with many expressing enthusiasm about adopting similar technologies in their organizations. “The framework presented today offers a practical roadmap for Nigerian companies to modernize their risk management approach,” noted attendee Mr. Adebisi Oderinde, Founder/Managing Partner AOC Tax Management Solution.

Mr. Ogunsola concluded by highlighting the democratization of AI technology: “While the examples come from global giants, cloud-based solutions are making AI tools increasingly accessible to businesses of all sizes. Nigerian companies can’t afford to be left behind in this revolution.”

The symposium, attended by over 200 financial executives and risk management professionals, also featured sessions on regulatory compliance and cross-border transactions.

The impact of Mr. Ogunsola’s address reverberated well beyond the conference hall. Industry insiders described his presentation as one of the most pragmatic and forward-looking risk management discussions to emerge in recent years. Several attendees noted that the timing could not have been more critical—coming at a moment when Nigerian corporations are grappling with rising cyber-enabled fraud, tightening global compliance standards, and mounting investor pressure for stronger governance frameworks.

Analysts point out that Ogunsola’s framework aligns closely with global risk management trends highlighted in a 2024 PwC report, which found that 73% of multinational companies plan to increase their investment in AI-driven fraud detection within the next two years. What sets his proposal apart, however, is its adaptability for markets like Nigeria, where companies often face resource constraints yet must compete in an increasingly interconnected economy.

During a post-event media briefing, Ogunsola underscored the potential for Nigeria to leapfrog traditional risk management models. “We have the advantage of not being weighed down by outdated legacy systems,” he explained. “By adopting AI now, we can set up scalable, cost-effective systems that are not just reactive, but predictive and preventive.”

His message struck a chord with several high-profile attendees, including executives from the banking, telecommunications, and oil & gas sectors. Representatives from two major Nigerian banks confirmed that they would be initiating exploratory discussions with AI vendors within weeks. Meanwhile, a senior official from the Nigerian Financial Intelligence Unit, who attended the symposium anonymously, remarked that integrating Ogunsola’s principles into national anti-fraud protocols could significantly enhance regulatory oversight.

International observers are also taking note. A London-based fintech investment strategist, contacted by this publication after reviewing Ogunsola’s framework, suggested that Nigeria could position itself as a continental leader in AI-enabled corporate governance. “The combination of cloud accessibility, cross-sector learning, and regulatory alignment that Mr. Ogunsola advocates is exactly what’s needed to attract sustainable foreign investment,” the strategist said.

As the symposium closed, the buzz surrounding his presentation hinted at the beginning of a broader movement. Whether Nigeria’s corporate sector will seize this momentum remains to be seen, but one fact was clear to attendees: Ogunsola’s vision reframes fraud prevention not as a compliance burden, but as a competitive differentiator. If adopted at scale, it could redefine not only how Nigerian businesses safeguard their assets, but how they compete in the global marketplace.