On Wednesday, November 3, 2021, Anna Gressel and Avi Gesser from our Data Strategy and Security Group joined guests Liz Grennan, Doug McElhaney and Alex Singla of McKinsey, for a special installment of our Data Security Webcast on managing AI risks in the insurance sector.
While artificial intelligence (AI) helps companies generate value, it also produces a variety of risks and ethical issues. During the webcast, we discussed the range of AI opportunities and risks in the insurance sector and best practices for risk mitigation and governance, including:
- Implementing systematic risk management for AI;
- Which models might be considered higher or lower risk;
- The recent focus on “proxy discrimination” and potential risk mitigation approaches;
- Governance mechanisms for compliance with existing and future regulations, including third-party diligence and adequate board and senior management oversight; and
- How to prepare for potential AI incidents, including escalation plans and potential regulatory responses.
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