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AI concepts risk managers should understand, support


Making sense of the many and varied perspectives around artificial intelligence can be difficult for risk professionals, the Risk & Insurance Management Society Inc. said in a recent report.

To take advantage of AI opportunities, risk managers need to understand their company strategies for the use of AI systems, said Tom Easthope, a member of the RIMS Strategic and Enterprise Council, director of enterprise risk management at Microsoft Corp. and author of the report.

“Risk professionals are not the gurus or sages,” he said. “What risk management does is provide a common way to talk about these conduits across an organization. Facilitating that high-level management discussion is the primary role of risk management.” RIMS identified several key concepts around artificial intelligence in the report, including:

  • Artificial General Intelligence: A form of artificial intelligence that refers to “thinking machines” that apply intelligence to a wide range of cognitive functions and continue to improve their reasoning abilities automatically.
  • Artificial Narrow Intelligence: A game-changer for businesses. This application of artificial intelligence is focused on narrower tasks, such as image recognition, credit card fraud detection and speech recognition.
  • Algorithms: The mechanisms (supervised, unsupervised and reinforcement learning) that machines use to learn. Algorithms represent a control mechanism to guard against introduction of various forms of bias in the implementation of AI.
  • Data: Any implementation of artificial intelligence is dependent on data.

Both volume and the variety of data points are highly correlated with successful artificial intelligence innovation.



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