I was fortunate to join Kelly Butler (UK Cyber, Media, and Technology Practice Leader with Marsh Specialty) and Dr. Pedro Silva (Associate Partner SKL - Risk Dynamics, part of McKinsey) on an Airmic (Association for Insurance & Risk) 2024 conference plenary panel on risk management related to Artificial Intelligence at #Airmic2024 The panel covered the regulatory, technological, ethical, financial, and operational risks related to the use of AI along with the reciprocal application of AI-based technologies to mitigate aspects of those risks. Three key starting points for risk managers emerged across these topics: - Define clear AI guiding principles. As a reflection of our overall organization principles, AI guiding principles will shape our governance and risk program by defining how you view accountability, transparency, fairness, security, and accuracy related to your AI initiatives. - Inventory your use cases. This step is more important than inventorying the technology itself. The use cases define the scope of risk related to data inputs, outputs, key processes impacted, stakeholders and their roles. This is essential to understanding probability and impact. - Align cross-functional stakeholders. It's essential to involve risk, IT, and the business in an integrated process to embed risk management techniques into the developmental and operational lifecycles of AI. Stop by and see AI at work across the full spectrum of integrated risk with Riskonnect, Inc. at #Airmic2024.
Such an important topic - AI is the future and the future is here and now.
Super Jim
looking sharp Jim!! Bravo!
We would love for risk and compliance managers to share their thoughts on their take on the future of AI in the industry in Riskonnect's 'New Generation of Risk' survey: ✅ https://t.co/dMuI9gtzhu We look forward to hearing what people have to say!