---
sourceDocument: Australia Governance, Risk, and Compliance
sourceDocumentLink: https://servicenow-prod.fluidtopics.net/r/governance-risk-compliance

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    - australia

ft:locale :

    - en-US

ft:publication_title :

    - Australia Governance, Risk, and Compliance

ft:clusterId :

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bundleId :

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workflow :

    - Technology


---

# AI in Risk Management

# AI in Risk Management {#ariaid-title1}

* Release version: Australia
* 
* Updated July 23, 2026
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 1 minute to read

ServiceNow Otto for Integrated Risk Management (IRM) brings AI-generated risk suggestions and summaries to Risk Management, helping risk managers discover risks faster and assessors understand risk events without writing summaries manually.

ServiceNow Otto for Integrated Risk Management (IRM) adds generative AI capabilities to Risk Management. These capabilities help risk managers discover potential risks faster, and help assessors and approvers understand risk events and risk assessments without creating summaries manually.

## When AI activates in Risk Management {#ai-in-risk-management__section_when-ai-activates}

ServiceNow Otto for IRM and a workspace, such as Risk Workspace, must be installed before any AI capability is set to available. The risk event summarization and risk assessment summarization skills are active by default unless deactivated manually. The Suggest potential risks workflow and its Risk Suggestion AI Agent must be activated separately before the conversational assistant appears in the Now Assist panel.

## AI capabilities in Risk Management {#ai-in-risk-management__section_ai-capabilities}

The following AI capabilities are available in Risk Management.
{#ai-in-risk-management__table_dmz_d4v_zjc__entry__3}

| Capability | What it does | Where it appears |
|-|-|-|
| [Suggest potential risks](https://servicenow-prod.fluidtopics.net/PJbOJNnNU9Dy8HgJqN8E2g "The Suggest potential risks workflow uses AI to identify and consolidate risks from multiple sources. It replaces manual, workshop-based risk discovery with a faster, consistent, and data-driven process that stays current with new regulations and trends.") | A conversational AI agent identifies and consolidates potential risks for an entity from internal, industry, and external sources, and removes duplicate suggestions. | Entity record, Risks tab, Suggested risks, in Risk Workspace. |
| [Generate a risk event summary](https://servicenow-prod.fluidtopics.net/WexFRQPyJRpYtBZ4l_7C9A "Generate an AI risk event summary using the ServiceNow Otto for IRM application in the Risk Workspace. The approvers get the key insights to understand the context quickly, and reduce the time involved in creating summaries manually.") | AI generates a summary of a risk event so that approvers and new assignees can understand its context without reading the full history. | Risk event record, in the classic UI and in Risk Workspace. |
| [Generate an AI risk assessment summary](https://servicenow-prod.fluidtopics.net/YaLCnkYgnhwDRxrYTcd0lg "Generate an AI risk assessment summary that is based on your inherent risks, residual risks, target risks, and control effectiveness data by using the ServiceNow Otto for IRM application. Your approvers get the key insights to understand the context quickly, and you reduce the time involved in creating summaries manually.") | AI generates a summary based on inherent risk, residual risk, target risk, and control effectiveness data. | Risk assessment record, in Risk Workspace only. |
[Table 1. AI capabilities in Risk Management]

{#ai-in-risk-management__table_dmz_d4v_zjc}