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Navigating the AI Landscape: Managing Risks and Realising Benefits

Artificial intelligence (AI) has rapidly gained attention across industries, offering greater efficiency, automation and autonomy. While AI enables predictive analysis and fast decision-making, new technology poses fresh challenges around copyright, data privacy, security, and accuracy if used without diligent oversight.

As professionals adopt AI like chatbots for legal research, due diligence, and other tasks, they must evaluate associated risks. Using AI recklessly could result in inaccurate work and wrongful acts. However, with a robust AI policy and risk-aware culture, organisations can harness AI’s power while safeguarding their business.

Assessing Your AI Practices

First, assess how your organisation currently uses AI. Are there areas for more effective utilisation or risk mitigation? Review workflows to identify high-risk touchpoints.

Updating Policies

Ensure corporate policies address AI usage, including scope, limitations, supervision, approvals, copyright, data protection and confidentiality. Outline specific protocols for AI implementation.

Fostering Open Dialogue

Discuss AI usage with stakeholders like underwriters, making them aware of exposures and risk mitigation through disciplined use. Highlight benefits alongside diligent oversight.

Promoting a Risk-Aware Culture

Foster an organisational culture actively aware of AI risks, seeking to avert pitfalls. Train staff on responsible usage and accountability. Instil a sense of collective responsibility.

Staying Informed

Keep updated on AI developments, regulations and best practices. Adjust policies accordingly, collaborating with industry peers to enhance collective understanding.

The AI landscape continues evolving. By proactively managing associated risks and realising benefits, businesses can strategically harness this transformative technology. With prudent oversight and collaborative exchange, the future looks bright.




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