Insurance orgs split on AI ethical risks – Airmic

Insurance orgs split on AI ethical risks – Airmic | Insurance Business America

Risk Management News

Insurance orgs split on AI ethical risks – Airmic

Should these risks be treated separately from other ethical risks?

Risk Management News

By
Kenneth Araullo

In a recent survey conducted by Airmic, it was revealed that 59% of participants view the ethical concerns posed by artificial intelligence (AI) as part of a broader category of ethical risks within their organisations.

The findings also showed a divided perspective on whether the ethical issues related to AI should be addressed independently from other ethical concerns.

The integration of AI technologies into both corporate and individual activities has led to a push for these ethical considerations to be given more prominence in organisational risk management practices.

This push, Airmic explains, aligns with the increasing calls from various sectors for companies to create dedicated committees on AI ethics and distinct frameworks for assessing AI-related risks, aimed at navigating the complex ethical dilemmas that may arise.

Julia Graham, chief executive officer of Airmic, highlighted the emerging nature of AI’s ethical implications, suggesting that while they demand more understanding now, they are likely to be integrated with general ethical considerations in the future.

“The ethical risks of AI are not yet well understood and additional attention could be spent understanding them, although in time, our members expect these risks to be considered alongside other ethical risks,” she said.

Furthermore, Hoe-Yeong Loke, Airmic’s head of research, reflected on the philosophical stance towards ethics within the organisation’s members.

“There is a sense among our members that ‘either you are ethical or you are not’ – that it may not always be practical or desirable to separate AI ethical risks from all other ethical risks faced by the organisation,” Loke said.

Loke also emphasised the need for ongoing discussions on the management of AI-related ethical risks. He also pointed out the importance of organisations thoroughly evaluating the potential for intersecting risk management and governance frameworks, suggesting a careful approach to handling these challenges.

What are your thoughts on this story? Please feel free to share your comments below.