SAN DIEGO — Artificial intelligence does not change the amount of risk a company faces, only the amount, so risk managers need to proactively evaluate how the technology aligns with their organization's risk management strategy. Yes, industry experts said Monday.
“AI and machine learning are big innovation risks, and we need to address them,” said CJ Dietzman, senior vice president at Charlotte, North Carolina-based Alliant Insurance Services, in a Riskworld session. mentioned in. Risk & Insurance Management Association Annual Conference.
Robert Horn, first vice president at New York-based Alliant, said one benefit of AI is that it speeds up data processing and makes some jobs easier.
Lillian Russell, chief privacy officer for Los Angeles County, agreed, adding that AI can be used to find data within data and modernize and enhance functionality.
“The technology is here, the question is how do we use it and deploy it in different business areas,” she said.
To manage the risks posed by the use of AI, Russell said, risk managers need to understand how the technology is being used and engage with the appropriate stakeholders within the organization.
Responsibility cannot be delegated to vendors, so risk managers also need to be aware of the type of data provided to third-party vendors and how it is used, said David Fintz, vice president at New York-based Alliant. He said there is.
Horn added that it is important to review the controls, policies and procedures of contractors contracted to provide AI-related services.
While AI has benefits for businesses, the technology is also being used in adversarial ways by hackers, who use large language models to deploy sophisticated attacks, he said, adding that many of companies overestimate their preparedness for such an event, it added.
