Managing AI Risks: The Importance of Involving Risk Managers in Discussions and Planning

As the use of artificial intelligence (AI) continues to grow, it is becoming increasingly important for organizations to have a plan in place to manage the risks associated with this technology. Experts suggest that risk managers play a crucial role in these discussions, as they bring 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. She stresses that proactivity is key when it comes to identifying and addressing AI-related risks.

Jaymin Kim, a senior vice president in Toronto, agrees and suggests that managers responsible for AI must take a risk management perspective to understand and transfer residual risks associated with the technology. He highlights the need for organizations 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, adds that organizations must also manage risks associated with AI usage. He emphasizes the need for privacy and security controls to be in place to prevent misuse of generative AI tools in the workplace. John Farley, a managing director in New York, further stresses 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. By taking a proactive approach and having adequate oversight in place, organizations can minimize the risks associated with AI usage while maximizing its benefits.