In today’s world, artificial intelligence (AI) is becoming increasingly prevalent in organizations. As such, risk managers play a critical role in ensuring that the implications of AI are fully understood and addressed. According to experts, involving risk managers in discussions about AI ensures a broad view of potential exposures that individuals within specific disciplines may not see.
One of the most important aspects of managing risks associated with AI is proactivity. Jaymin Kim, a senior vice president in Toronto, emphasizes the need for managers responsible for AI to take a risk management perspective to understand and transfer residual risks associated with the technology. Organizations must have adequate oversight in place to ensure that privacy controls and security measures are updated regularly to prevent misuse of AI by employees.
Bob Wice, head of underwriting management in West Hartford, stresses the importance of managing risks associated with AI usage. Privacy and security controls must be put in place to prevent misuse of generative AI tools in the workplace. John Farley, a managing director in New York, highlights the significance of incorporating AI into cyber incident response plans to address potential deepfake incidents and mitigate damages effectively.
Overall, involving risk managers in discussions and planning related to AI is essential for organizations to navigate the potential risks and implications of this technology effectively. By taking proactive measures and having adequate oversight in place, organizations can ensure that they are using AI responsibly and ethically while minimizing potential risks associated with this cutting-edge technology.