ML and AI can absolutely help with the risk process. Anybody can run a Monte Carlo Stimulation and run analytics with a few clicks of the button.
Still need people to: (1) communicate the data to stakeholders, (2) trouble-shoot/data validation, (3) and I think this is the most important define parameters and limits.
Look at it this way - will we have another financial crisis - yes? will AI/ML prevent it? I don’t think so.