This week we bring you Riskology by Infortal™ from the GRC Risk Conference in London.
Host Ian Oxnevad discusses the intersection of AI and risk with Shea Brown, CEO of BABL AI. Their discussion highlights some of the dynamics of AI development and implementation in the context of the growing global risk landscape and the challenges posed by autonomous decision-making.
Overview of BABL AI:
BABL AI conducts a comprehensive assessment of a company’s algorithms to assess ethics, safety, compliance, liability, and reputational risks. BABL AI employs certified independent auditors to ensure your AI systems are compliant with the ever-changing AI regulatory landscape. They are at the forefront of performing risk and impact assessments in the AI space.
BABL AI employs a detailed methodology for identifying and mitigating AI risks, drawn from the humanistic fields of law and philosophy. By thoroughly mapping how AI systems interact with human stakeholders, companies can more effectively identify specific risks.
Infortal™ Worldwide Overview:
Infortal™ Worldwide offers a complete suite of due diligence research services to support your company’s risk management program and investment due diligence process. This includes research capabilities in more than 160 countries around the world.
For more than 35 years, Infortal™ has enabled clients in all industries to reduce business risk and protect their employees and assets around the world.
Infortal™ Worldwide provides the best understanding of how geopolitical risks can impact strategic decisions, the long-term sustainability of your business, and the potential downstream impact on key partners and suppliers. We are investigating on the front lines.
Infortal™ Worldwide focuses on resolving risks before they begin.
Risk management and AI
AI brings a new dimension of risk to the ever-changing risk management landscape by expanding the reach of malicious actors.
Fortunately, as Shea Brown points out, defenders of attacks can also benefit from AI. In fact, companies are increasingly integrating AI into their risk management strategies, reflecting a broader trend toward digital transformation across industries.
However, AI-based risks are complicated by the fact that new AI technology use cases are increasing. For example, new vulnerabilities exist in the areas of self-driving cars, facial recognition, and resource distribution. Companies can no longer ignore the architectural AI revolution.
To prevent disaster, companies must carefully consider the risks to external parties using AI and the risks arising from the challenges posed by using the technology internally. During and immediately after implementing an AI solution, it is important to have a deep understanding of how the new technology will impact existing systems and processes.
AI audits provide an excellent mechanism to ensure that new technologies meet the required standards and increase transparency to relevant stakeholders.
Buyer beware
The market is becoming saturated with seemingly innovative solutions in the field of risk management. However, increased investment in this space attracts bad actors who offer substandard, or worse, even fraudulent solutions.
This is why it’s important to know who’s behind the company you’re considering buying or working with. Performing detailed due diligence on the companies and partners you plan to do business with in the AI space is important to ensure you are onboarding enhancements rather than detracting from your bottom line.
AI and the human element
In the world of AI development, an often overlooked element of successful AI implementation is the need for human-centered oversight. Human observers catch mistakes that automated systems miss and provide a necessary layer of security and reliability.
This is especially important in high-risk areas where AI decisions have societal and personal impacts. By integrating a human-involved approach, organizations can align AI systems with ethical standards and human focus.
Risk reduction
Integrating AI-based technology into existing programs may present some risks to businesses, but the benefits can be significant. The key is to understand what you’re getting and make sure the new technology aligns with your company’s values.
Importantly, AI does not eliminate the importance of considering human behavior. Individuals still drive decision-making and control the use of AI technology.
Stay ahead of the curve in terms of benefiting from the AI advances currently available in the risk management space by conducting due diligence on potential suppliers and conducting an audit of the impact of AI on your company. You can. See more –
