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Risk Managers Grapple With Potential Downsides of AI

#artificialintelligence

Risk managers are grappling with a fear of the unknown. AI hasn't been adopted at a large scale and the unintended consequences aren't fully documented, according to Steve Culp, senior managing director for finance and risk at management consulting firm Accenture PLC. "Before there were ships," he said, "we never had shipwrecks." Eleven percent of risk managers in banking, capital markets and insurance say they aren't fully capable of assessing AI-related risks, according to a survey of 683 risk managers in nine countries released this week by Accenture. Respondents expressed a similar comfort level with assessing the possible downsides associated with blockchain technology, quantum computing and other emerging areas of technology.