AI poses challenge for risk managers
A survey from Accenture finds that most risk managers at financial services companies say they aren’t capable of analysing risks associated with artificial intelligence. Executives say the rapidly developing technology has created a new challenge that requires them to understand how algorithms work and identify potential downsides to its application. Respondents to the consulting firm’s poll of nearly 700 risk managers in nine countries said they were also discomfited by having to assess possible downsides associated with other emerging areas of technology such as blockchain and quantum computing. The Wall Street Journal notes how Citizens Financial Group is seeking to boost its AI-related controls by recruiting staff within its risk management division who have advanced degrees in statistics and computer science.