SwanAdvisory’s Post

A recent survey of businesses with 1,000 or fewer employees found that the #1 strategic objective for 2024 is to harness AI to streamline operations. But concerns about AI and risks to security and ethics persist. Learn about the state of AI adoption and risk management must-haves by reading our blog. #artificialintelligence #productivity #businessrisk #riskmanagement

Understandably, businesses are keen to capture the benefits of #GenerativeAI. Too often, however, #risk and #compliance concerns are stalling progress. But a robust AI risk review process can help. By developing and activating a process to quickly assess and control risks around generative AI models and data sets, risk teams will become an enabler for the business, rather than a speed bump that limits agility. At KPMG US, we have been growing our #AI practice for years. Our #TrustedAI approach and extensive risk governance experience can help make the difference for our clients when it comes to supporting #innovation. 👇Some quick #insights in the video below. Learn more about how enhancing stakeholder #trust can help businesses leapfrog from implementation concepts to competitive advantage: https://lnkd.in/gzW2Mktt #KPMGTrustedImperative #KPMGRiskServices #artificialintelligence #GenAI #AIrisk #MakeTheDifference

🌍 Algorethics in Action: Managing AI Risks in Financial Systems 🤖 AI cannot be for profit alone and certainly not winner takes all! This critical principle underscores why initiatives like Web4, building upon Web3, are vital. Smart Contracts, as the backbone of Algorethics, enable the transparency and accountability required to align AI with human-centric values. Kudos to MAS for their Information Paper on AI Risk Management, which explores good practices observed during a thematic review of financial institutions. With AI, particularly Generative AI, increasingly shaping risk management, customer engagement, and operational processes, the paper stresses the need to ground AI in ethical principles—a vision at the heart of Algorethics, where algorithms and ethics meet. Key insights include: Governance and Oversight: Establishing cross-functional forums, clear guidelines, and principles that prioritize fairness, accountability, and transparency in AI usage. Risk Management: Creating inventories, assessing risk materiality, and embedding controls to ensure AI models are robust, explainable, and fair. Generative AI Challenges: Addressing risks of hallucinations, biases, and data security while leveraging its potential to enhance human productivity. The paper reminds us that AI is not neutral—its impact depends on the values and intentions guiding its design and deployment. That’s why Algorethics is more crucial than ever to ensure AI serves humanity responsibly, safeguards dignity, and promotes fairness. 📢 Let’s champion a future where AI empowers, not exploits, and where technology advances the common good rather than a select few. Together, with Web4 and the power of Smart Contracts, we can ensure AI truly serves everyone. #Algorethics #AIethics #Web4 #SmartContracts #TechForGood #ArtificialIntelligence #EthicalAI https://lnkd.in/gjVUvTtp

The Future of AI is Now: Are You Ready? #TheScoreboardGroup Artificial intelligence (AI) is rapidly transforming every industry. But how can you leverage its power for your business? While AI holds immense potential, navigating its complexities can be daunting. That's where a consultant approach comes in. Here's why a consultant is your best bet: Strategic Roadmap: Develop a data-driven plan for AI implementation, customized for your specific needs. Risk Management: Identify and mitigate potential challenges to ensure a smooth AI adoption process. Maximized ROI: Focus on AI applications that deliver the most significant return on investment. **Don't get left behind. The Scoreboard Group can help you unlock the power of AI. ** #FutureOfWork #AIAdoption #TheScoreboardGroup

89% of executives believe AI is necessary to stay competitive, but only 56% say their companies have a clear AI strategy and only 28% see their AI strategy as closely aligned with broader business objectives, according to a Trust in AI Survey. While I strongly believe every organization should be experimenting with AI – something we’ve been doing A LOT at Diligent lately – it needs to be done within the context of the wider business strategy and uphold the highest standards of employee and customer safety and security. Integrating AI in business strategy - more specifically risk management - allows GRC professionals to streamline workflows, adapt to regulatory changes and effectively communicate key insights to stakeholders at all levels. https://lnkd.in/e3pnr_Uh

Business leaders seeking to reap the benefits of #AI will need to keep a close eye on the rapidly-changing and increasingly complex regulatory environment along with possible costs of errors. Our Global Investor Survey takes a closer look at the risks and benefits of AI, as well as how leadership can get ahead of its regulation: https://pwc.to/49XjD3I Explore our GenAI services here: https://lnkd.in/gH-q9zTf    Greg Unsworth Mark Jansen Winston Nesfield Ronald Chung Dr. Luke Soon So Cheer Kwek Jimmy Sng Ervin Jocson Carolyn Chin-Parry Aditya Shankar #PwCrisk #Risk #AI #RiskManagement #RiskMultiverse  #Regulation  

A fascinating survey - how do you feel about AI? #BusinessInsurance

Check out our latest blog post: Navigating AI Regulation - A Guide for Beyond's Clients. In this comprehensive guide, we explore the evolving landscape of AI regulation and what it means for businesses today. From understanding current regulatory frameworks to anticipating future changes, we provide valuable insights for navigating the complex world of AI governance. Key highlights include: ✅ An overview of key AI regulations and their implications for businesses. ✅ Practical advice for compliance and risk management. ✅ Strategies to stay ahead of regulatory changes and leverage AI responsibly. Whether you're a business leader, a tech professional, or someone interested in the ethical use of AI, this blog offers crucial information and actionable guidance. Read here: https://lnkd.in/eMunjPkq #AI #AIRegulation #TechTrends #Innovation #BusinessInsights #PuttingDataToWork #Beyond

AI Governance is a complex task as it involves multiple teams across an organization, working to understand and evaluate the risks of dozens of AI use cases, and managing highly complex models with deep supply chains. On top of the organizational and technical complexity, AI can be used for a wide range of purposes, some of which are relatively safe (e.g. email spam filter), while others pose serious risks (e.g. medical recommendation system). Organizations want to be responsible with their AI use, but struggle to balance innovation and adoption of AI for low risk uses, with oversight and risk management for high risk uses. To manage this, organizations need to adopt a multi-tiered governance approach in order to allow for easy, safe experimentation from development teams, with clear escalation points for riskier uses. In this post we describe 3 lines of defense that organizations can adopt to ensure good AI governance. These lines of defense largely map to model risk management requirements present in the financial services industry, with some modifications and adjustments. Read more here -> https://lnkd.in/ettX6rKM #ai #aigovernance #responsibleai #airiskmanagement

There's a reason we at Whistic have been talking so much about #AI (and it's not just the sirens' call of the zeitgeist, either). We're so excited by it because we want to empower every business to: 💠 Perform a detailed assessment of every #vendor they choose 💠 Automate assessments so they can do it all faster 💠 Dedicate resources to actually managing #risk (instead of hunting for docs) 💠 Avoid cutting corners on risk just to work with the vendors they want All this is possible by taking an #AI-first approach to #TPRM. But to get it right (even with the Whistic platform), we also have to have a clear approach to #AI risks. It's an emerging discipline for a rapidly evolving technology, but it's not too early to start laying out your plan for AI risk management. We lay out some strategic concepts in our latest blog (with a HUGE assist from the great people at National Institute of Standards and Technology (NIST), from whose #AI framework we've learned a great deal). Check it out: https://lnkd.in/gYvqTdEG