Managing Risks in the AI Era: The Critical Role of Risk Managers

Risk managers play a vital role in organizations, especially when it comes to discussing and understanding the implications of artificial intelligence (AI). According to experts, involving risk managers in these discussions ensures a broad view of potential exposures that individuals within specific disciplines may not see. Elisabeth Case, a global product manager based in Chicago, emphasizes the importance of aligning everyone on the use and deployment of AI tools in a thoughtful manner.

Incorporating risk management into discussions about AI is crucial for organizations to navigate the potential risks and implications of this technology effectively. Proactivity is key when it comes to identifying and addressing AI-related risks. Jaymin Kim, a senior vice president in Toronto, suggests that managers responsible for AI must take a risk management perspective to understand and transfer residual risks associated with the technology. Organizations need to have adequate oversight in place, ensuring that privacy controls and security measures are updated to prevent misuse of AI by employees.

Bob Wice, head of underwriting management in West Hartford, emphasizes the need for organizations to manage risks associated with AI usage. Privacy and security controls must be in place to prevent misuse of generative AI tools in the workplace. John Farley, a managing director in New York, highlights the importance 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 critical for organizations to navigate the potential risks and implications of this technology effectively.

Involving risk managers is crucial for organizations looking to harness the power of artificial intelligence while minimizing its potential negative effects. By taking a proactive approach to identifying and addressing risks associated with AI, organizations can ensure they are using this technology responsibly and effectively.