Riskology by Infortal: Episode 35 – Riskology in London with BABL AI
Excited to share that Riskology by Infortal™ is coming to you from the GRC #Risk Conference in London! Join host Dr. Ian Oxnevad discussing the intersection of AI and Risk with the CEO of BABL AI, Shea Brown, as they examine the growing global risk landscape and the challenges posed by autonomous decision making. Risk Management & AI AI introduces new dimensions of risk to the ever-changing risk management landscape by extending the reach of malicious actors. Fortunately, as Shea Brown points out, defenders against attacks can also benefit from AI. Companies are increasingly integrating AI into their risk management strategies, which reflects a broader trend towards digital transformation across industries.
AI-based risks are complicated by the fact that there are an increasing number of use cases for new AI technology. For example, there are new vulnerabilities in the fields of autonomous vehicles, facial recognition, and resource distribution.
To prevent disaster, companies must carefully review their risk exposure to outside actors using AI and from challenges created by using the technology in house. During and soon after implementing AI solutions, it is important to gain a deep understanding of how the new technology will impact existing systems and processes.
AI-audits provide a great mechanism to ensure that any new tech is at the requisite standards and increases transparency to relevant stakeholders. Buyer Beware: The market is becoming saturated with seemingly revolutionary solutions in the risk management space. However, increased investment in this space does attract bad actors offering subpar, or worse, even fraudulent solutions.
This makes it important to know who is behind the companies you are considering buying from or partnering with. Conducting deep level due diligence on the companies and partners you plan to do business with in the AI space is important to make sure you are onboarding enhancements and not detractors from your bottom line.
AI and the Human Element: In the world of AI development, an often-overlooked element for successful AI implementation is the need for human-centric oversight. Human supervisors can catch mistakes that automated systems overlook, providing a needed layer of security and reliability.
This is especially important in high-risk areas where AI decisions have social and individual impact. By integrating a human-in-the-loop approach, organizations can better align their AI systems with ethical standards and a human focus.
Mitigating Risks: While integrating AI-based technology into existing programs can pose certain risks for firms, the benefits can be significant. The key is making sure you know what you are getting and that any new technology will live up to your firm’s values.
Importantly, AI does not eliminate the importance of human behavior. Currently individuals are still driving decision making and controlling the use of AI technology. Conducting due diligence on potential suppliers and performing audits on the AI impact to your company will place you ahead of the curve in benefiting from AI advancements now available in the risk management space.
Infortal’s Continuing Legal Education (CLE) courses are designed to equip executives, attorneys and risk managers with strategic insights to navigate the complex landscape of geopolitical risk. We cover topics such as international sanctions, regulatory risks, corporate espionage, AML, global warfare, anti-terrorist financing and corruption.
We can help you make informed decisions and mitigate potential risks for your business.
