The world we live in is one where Artificial Intelligence (AI) is being embraced by society at large as well as businesses, operating in the public and private sectors. COVID-19 heightened the utilisation of AI in business processes, which has competitive and innovative advantages, and this chapter will mainly focus on the AI used in Enterprise Risk Management (ERM) process. Therefore, the purpose of this study is to investigate and identify the benefits and challenges of utilising AI technologies in ERM. Through a content analysis of the most recent Integrated Reports of the Top 5 JSE (Johannesburg Stock Exchange)-listed companies based on market capitalisation and a systemic review of literature, this study will investigate the benefits and challenges of utilising AI in ERM. The results revealed that AI is changing how businesses manage their risks using various tools, e.g. AI algorithms can monitor risks, find patterns and predict risks. AI also aids companies resolve issues and mitigate risks. Furthermore, AI ensures that tasks are done automatically which makes sure employees are efficient in utilising their time. The study further revealed that if risks are not assessed, then AI might cause greater issues resulting in expensive implementation without the business benefiting. The study concluded that the future of ERM is one where AI, automation and human expertise complement each other. This study is important for small and medium-sized (SME) South African companies who are not yet fully embracing AI within their ERM processes to see how beneficial it can be so that they can embrace it and also invest in it.