Feature
Programming for intelligence IRM’s latest research says artificial intelligence will be the next big thing. But what does it really mean for risk management? BY JO POWELL
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rtificial intelligence (AI) is fast moving up the agenda for risk managers according to the IRM Risk agenda 2025 survey – rising from the fifth highest technological development having the greatest impact on an organisation today to top of those expected to have the greatest impact by 2025. AI can be hard to define as it has so many applications – and many may be wary of it for that reason – but at a basic level for risk managers it could be considered as software that’s capable of learning to interrogate data and find the risks and opportunities hidden within it. Karlene Agard, owner of risk and value management company ARAVUN and member of the Risk agenda 2025 project team, explains that while there may be some lack of understanding around what AI is and its potential, the survey reflects an acceptance of its relevance to risk managers. “We are getting to the point where we recognise that computers are able to process data much more effectively than humans. AI is a tool, not something to be feared – it is something that we as professionals should embrace and seek to take advantage of in the future.” In the survey, respondents were asked about the main risk management techniques practitioners expect to be using in 2025. Scenario planning and social media monitoring were shown to be two of the top methods
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AI will not replace humans; it’s just about using it to enhance the work we do
Enterprise Risk
