FERMA explores role of risk manager in AI strategy

The Federation of European Risk Management Associations has today launched three research reports on the implications of artificial intelligence for risk management, cyber risks and GDPR -- reflecting the focus on digitalisation of FERMA's 2019 Risk Management Forum.

The AI report assesses the potential value of AI in improving enterprise risk management, and examines how risk managers can play a key role in leading their organisations' AI strategies.

Speaking at the conference in Berlin today, president of FERMA Jo Willaert said: “Digitalisation and the development of AI combined with the ever-increasing amount of data available are transforming our societies, our organisations and our work. FERMA is committed to supporting the risk management profession to achieve its full potential in digital transformation and in a sustainable world.”

The working group responsible for the research believes that corporate risk management will benefit from AI in several areas.

"From its ability to process large amounts of data to the automation of certain risk management repetitive and burdensome steps, AI could allow risk managers to respond faster to new and emerging exposures. By acting in real time and with some predictive capabilities, risk management could reach a new level in supporting better decision making for senior management,” it reads.

The paper aims to guide risk managers through the basics, and give them the tools to develop their own strategy for AI implementations. It also includes an actions guide and a template for creating a roadmap.

The cyber guide provides managers and risk managers with a step-by-step guide to creating a digital risk management policy, and was written with the help of France’s national cyber security agency, ANSSI and AMRAE.

The GDPR guide considers the role of internal audit and risk management a year after the data rule was implemented.

“This document will serve as a baseline to guide our efforts as a European federation and promote a professional practice of risk management for data privacy risks," Willaert explained. “Beyond avoiding non-compliance and fines, building a high level of maturity for the management of privacy risks and full compliance with GDPR is likely to become a market differentiator for stakeholders including regulators, shareholders and civil society.”

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