Artificial intelligence set to be tool for risk managers - Business Insurance

Artificial intelligence will create new liabilities for organizations, but it can also be harnessed as a risk management tool, a panel of experts said. By processing high volumes of data, risk managers can get a better grasp of the risks they face, spend less time on repetitive tasks and use connected devices to enhance their risk management processes, they said. Companies are already implementing AI, and risk managers should ensure they are aware of the risks and liabilities that the technology creates, said Philippe Cotelle, head of insurance and risk management at Airbus Defence & Space, a division of Airbus SE in Toulouse, France. He was speaking during a session of the Federation of European Risk Management Associations' biennial forum in Berlin on Monday. Risk managers should make sure they are "going to capture what is within AI both in terms of risks and in terms of opportunity, and it becomes a tool for the risk manager," Mr. Cotelle said.