Derisking AI by design: How to build risk management into AI development

The compliance and reputational risks of artificial intelligence pose a challenge to traditional risk-management functions. Derisking by design can help. 

 
Artificial intelligence (AI) is poised to redefine how businesses work. Already it is unleashing the power of data across a range of crucial functions, such as customer service, marketing, training, pricing, security, and operations. To remain competitive, firms in nearly every industry will need to adopt AI and the agile development approaches that enable building it efficiently to keep pace with existing peers and digitally native market entrants. But they must do so while managing the new and varied risks posed by AI and its rapid development.

The reports of AI models gone awry due to the COVID-19 crisis have only served as a reminder that using AI can create significant risks. The reliance of these models on historical data, which the pandemic rendered near useless in some cases by driving sweeping changes in human behaviors, make them far from perfect.

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Πηγή: mckinsey