Incorporating Risk Management into AI Discussions: Ensuring Responsible Use and Minimizing Risks

Incorporating risk management practices into discussions and activities related to AI can help organizations navigate potential risks and ensure responsible use of artificial intelligence technologies. Experts recommend that risk managers should be actively involved in organizations’ discussions and activities related to the use and potential impacts of AI.

Elisabeth Case, a global product manager at Liberty Mutual Insurance Co., emphasizes the importance of risk managers having a broad perspective that allows them to identify potential exposures that others within the organization may not see. By involving risk management, organizations can ensure that everyone is on the same page in terms of the purpose and deployment of AI tools.

Jaymin Kim, a senior vice president at Marsh LLC, suggests that organizations take a proactive approach to identifying and addressing potential AI exposures. Managers responsible for AI should focus on understanding specific risks and finding ways to transfer residual risks through a risk management perspective.

Bob Wice, from Beazley PLC, highlights the need for adequate oversight and updating of privacy and security controls to prevent misuse of AI by employees. John Farley, managing director at Arthur J. Gallagher & Co., stresses the importance of incorporating AI into cyber incident response plans due to its increasing role in data breaches. He specifically mentions the need to prepare for deepfake incidents and have mechanisms in place to mitigate damages as with other cyber incidents.

Overall, incorporating risk management practices into discussions and activities related to AI can help organizations navigate potential risks and ensure responsible use of artificial intelligence technologies.