How Might Artificial Intelligence Applications Impact Risk Management?

Artificial intelligence (AI) applications have attracted considerable ethical attention for good reasons. Although AI models might advance human welfare in unprecedented ways, progress will not occur without substantial risks. This article considers 3 such risks: system malfunctions, privacy protections, and consent to data repurposing. To meet these challenges, traditional risk managers will likely need to collaborate intensively with computer scientists, bioinformaticists, information technologists, and data privacy and security experts. This essay will speculate on the degree to which these AI risks might be embraced or dismissed by risk management.