Risk professionals are making tentative moves towards the adoption of generative AI.

Nearly half of the risk professionals surveyed for Redhand Advisors’ 2024 RMIS Report anticipate adoption within the next three years – despite the fact that only one in ten of the 998 risk professionals surveyed currently do.

Some 42% of the sample cited security or privacy concerns amongst the barriers to adoption, while others cited limited understanding of AI’s capabilities, concerns about systems integration, and a lack of technical expertise. Only one in four had ethical and bias concerns.

Patrick O’Neill, founder and president of Redhand Advisors, said: “In this new paradigm, risk technology solutions have become critical for these organisations to navigate the challenging exposures they face today.

“The expansion of self-service functionality in risk technology addresses two realities for mid-sized businesses. First, they are actively seeking the efficiencies these capabilities offer and, second, the growing number of millennials now staffing their risk management functions are drawn to the autonomy these features provide.”

---