1. INTRODUCTION & EXECUTIVE SUMMARY, Study Guides, Projects, Research of Artificial Intelligence

Download 1. INTRODUCTION & EXECUTIVE SUMMARY and more Study Guides, Projects, Research Artificial Intelligence in PDF only on Docsity! 04 1. INTRODUCTION & EXECUTIVE SUMMARY INTRODUCTION 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. Some strategic questions that organisations need to address include: • How and why is our company using and applying AI? • What new liability or cyber challenges arise? • What are the challenges for our workforce on decision, on ethics and biases? In the AI race, not only companies and scientists are competing with each other, but also countries and governments, because the related impact goes beyond companies and individuals; today’s research and decisions will affect societies. Europe has the opportunity to define its own way on how to apply AI and handle the related risks and fears in what the European Parliament described once as a “human- centric” approach to AI. With this document, FERMA aims to kick off a broader discussion on AI and risk management. Enjoy the reading and please join in.