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Understanding How to Identify and Manage Big Risks with AI

There is no question that the future of artificial intelligence and AI technology is bright.

Artificial intelligence brings about the opportunity for ethical operation issues, and it’s not overlooked that companies could potentially create a bias through the use of AI. For example, both the EU and FTC have enforced regulations regarding artificial intelligence and the inequities that may result from utilizing it.

Before we discuss the risks that come with artificial intelligence, it’s crucial to grasp what it is and what it can do for your business. When you have the correct information, you can prepare risk management accordingly.

What is AI?

If you find yourself wondering what artificial intelligence encompasses, you are not alone. There are many aspects of AI that we use today, both in our professional and personal lives. Every time you ask Alexa a question or tell her to play music or your favorite podcast, you’re engaging with artificial intelligence.

Of course, Alexa doesn’t encompass everything artificial intelligence can do, but it’s a fine example of how we use it regularly. Also, consider when you log onto a company website and ask their chatbot a question. Chatbots are fueled by AI and are a stellar example of how artificial intelligence can take business operations to the next level.

So, the answer to what’s artificial intelligence is simply this:

Artificial intelligence combines science and potent, human, and computer-powered databases that enable problem-solving.

AI technology works in all aspects of our lives, and it definitely makes things easier. However, it’s easy to see where this might become an issue for businesses, primarily significant corporations, that have access to better AI technology and thus have the option to use it unfairly, hence the ever-evolving regulations.

The Risks of Artificial Intelligence

It can be challenging to determine the aspects of AI you want to use for your company and best mitigate the risks within the territory. To control the risk factor, you first have to know them.

Unauthorized Introduction

As companies digitize and switch from old legacy systems to cloud-native applications, there is the potential to introduce artificial intelligence without your development, security, or AI team knowing. Understanding the potential for your employees to, advertently or inadvertently, use unauthorized SaaS applications at work means you can minimize that risk.

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