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Note: This article is just one of 60+ sections from our full report titled: The 2024 Legal AI Retrospective - Key Lessons from the Past Year. Please download the full report to check any citations.

AI-Enhanced Risk Assessment and Management

AI algorithms have significantly improved risk assessment and management capabilities:

A 2023 Thomson Reuters survey revealed that 67% of legal departments using AI for compliance reported improved efficiency and decision-making.[33]

AI can identify potential risks and detecting cybersecurity threats with 90% accuracy, enhancing traditional compliance methods.[34]

A 2024 study by McKinsey & Company found that AI-powered risk assessment tools reduced costs in risk, legal and compliance departments by 33%, and increased revenue in these departments by 62%.[35]