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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:
Both volume and the variety of data points are highly correlated with successful artificial intelligence innovation.
Organizations developing or using artificial intelligence should examine their insurance coverages to see which policies could come into play in the event of a claim, experts say.