Airmic Urges Firms to Assess AI Risks with New Methodologies

March 18, 2024
Recent findings from an Airmic survey have highlighted a disturbing trend: organizations are significantly behind in managing AI-related risks. Shockingly, up to half of all companies have not conducted essential assessments for their AI systems. This oversight suggests a gaping hole in corporate risk management. For those who have undertaken risk assessments, major issues include data protection, intellectual property, potential biases or errors in AI decision-making, and various ethical concerns. These issues not only reflect the range of risks that come with AI but also indicate that current risk management frameworks may be insufficient for dealing with the complexities of AI technology. It’s clear that as AI continues to advance, there’s a pressing need for organizations to evolve their risk evaluation strategies to effectively address the unique challenges AI presents.

Taking Action Against AI Uncertainty

Confronted with this stark reality, Airmic is prompting businesses to adopt new risk assessment methodologies that are more congruent with the unique challenges posed by AI. Traditional models are proving insufficient against the complexities of AI, and there is a pressing need for pioneering approaches. While government entities worldwide are still in the nascent stages of forming AI regulations, and a standard risk assessment framework for AI remains elusive, Airmic is making strides by developing an updated methodology. This initiative leverages the expertise of both its members and industry specialists. The objective is to create a system that does more than address current issues; it anticipates future complications, ensuring that organizations are well-prepared for the intricacies AI brings to the domain of risk management. This kind of forward-thinking strategy is aimed at plugging the risk management gap that AI has revealed, positioning firms to better navigate the evolving technological landscape.

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