Federation of European Risk Management Associations (FERMA)
Overview: Artificial Intelligence or AI is portrayed as the next super-power. It is the only technology that we treat as human. We credit it with the skills that people have. Every day we hear how AI is at the forefront of innovation and is on its way to change fundamentally our everyday lives, both in the private and professional spheres.The extent of opportunities, affected industries and possible uses seem unlimited.
The development of this technology combined with the ever-increasing amount of data available – which plays a key role – seems to be driving a new AI era. Risk management will not be excluded.
As with every new technology, there are emerging risks and challenges related to AI. Questions on ethics, equality, biases, trustworthiness and reliability of decisions made or suggested by AI, are just some of the topics that need attention. Transparency of algorithms and increasing cyber risks are also issues for the risk manager to address.
