The Chief Artificial Intelligence Officer: Leading AI innovation and risk management

by John Farley, Gallagher

Generative artificial intelligence (AI) has emerged as a new technology with the potential to completely reshape business practices and create new avenues for innovation. It will significantly impact virtually every industry sector. Organizations have rushed to embrace it, as evidenced by a recent Gallagher survey of 1,000 business owners. In that survey, a vast majority — 81% — indicated they planned to maintain or increase investments in AI in the near term.

However, along with new efficiencies, AI tools will bring new risks to the forefront for those that use them. AI’s risk will force enterprise risk management programs to incorporate strategies to effectively manage, which will undoubtedly be a new process for most entities.

Top risks associated with Generative AI use

While we’re still evaluating all the risks associated with generative AI, we’ve identified several high-risk categories that bear close attention for business leaders, including:

 

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