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Risk, Science and Decision Making: How should risk leaders of the future work with Artificial Intelligence (AI)?

Findings from a CRO roundtable from the Institute of Risk Management (IRM)

 

Developments in technology continue to disrupt industries and organisations globally, presenting both opportunities and risks.  Preparing the risk community for this challenge through education, training, research and networking events is one of the key strategic objectives of the IRM.

IRM were therefore delighted to have the opportunity with leadership advisory firm Egon Zehnder to bring together a group of Chief Risk Officers, leading academics and risk thinkers for a round-table discussion on the topic of AI and its potential impact on the risk landscape.

Their discussions are summarised in the report which can be downloaded here (please note it is behind a short form.)

 

Iain Wright, CFIRM, IRM Chair says:

“Risk professionals are going to need to rely on a range of expert advisors when working with AI, going forwards, but will also need to develop skills and expertise themselves.

Reassuringly, it doesn’t look like the role of a CRO will be replaced by an AI black box but, while risk leaders won’t need to be deep experts in the field; they will need to have multidisciplinary training and experience. We can expect CROs to stay involved in deciding risk criteria involving the development and use of AI processes, in which case they will need access to trusted advisors who can translate the concepts”.

 

Rian Raghavjee, UK Risk Practice Leader, Egon Zehnder added:

“In this world of increasing complexity we are continually inundated with data in our professional and personal lives. And data is driving the AI revolution. This can be overwhelming for many as we search for ways of cutting through the noise for the key insights.

It is also driving an instinctive tendency in all of us to delve further into more esoteric areas of specialisation and deepening our search for domain experts including those in the CRO role.  However, the conundrum we face is balancing this quest for technical expertise against the competencies of leadership such as inspiring innovation and exercising judgement.  We were delighted to host the roundtable event with our friends at the IRM to explore these themes further”.

 

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