Perceived Use of AI in Enhancing IT Compliance and Risk Management in the Financial Industry of Namibia

Authors

Ester Shikudule, Namibia University of Science and Technology, Namibia

Katazo Amunkete, Namibia University of Science and Technology, Namibia

Published in

IST-Africa 2026 Conference Proceedings

ISSN: 2576-8581

ISBN: 978-1-905824-76-2

DOI: https://doi.org/10.67725/IST-Africa.2026.GUTT7533

Publisher

IST-Africa Institute and IIMC International Information Management Corporation Ltd

Published in Ireland

Abstract

The rapid digital transformation of Namibia's financial sector has heightened the need for robust IT compliance and risk management frameworks. Despite the increasing integration of technology, many institutions in Windhoek, Namibia continue to face challenges in effectively managing operational, regulatory, and cybersecurity risks. This study addressed the gap in understanding how AI can be leveraged to enhance IT compliance and risk management practices within financial institutions. The study first explores challenges related to IT compliance and risk management practices. A qualitative research approach was adopted, with data being collected using an online data collection tool consisting of open-ended questions. The data was collected from professionals working in banks, insurance firms, and regulatory bodies. The collected data were analysed to uncover perceived challenges, benefits and effective strategies on adopting AI in compliance and risk management functions in the financial industry. The study demonstrates that AI holds substantial potential to strengthen IT compliance and risk management in Windhoek's financial sector. By fostering data-driven decision-making and proactive risk identification, AI can enhance regulatory alignment and operational resilience; benefiting a more reliable and streamlined approach to IT compliance and risk management.

Keywords

Artificial Intelligence, IT compliance, risk management, financial industry

Cite this paper

E. Shikudule and K. Amunkete (2026) "Perceived Use of AI in Enhancing IT Compliance and Risk Management in the Financial Industry of Namibia", IST-Africa 2026 Conference Proceedings, Miriam Cunningham and Paul Cunningham (Eds), IST-Africa Institute and IIMC, 2026, ISSN: 2576-8581, ISBN: 978-1-905824-76-2, https://doi.org/10.67725/IST-Africa.2026.GUTT7533

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