Webinar: Why risk managers should look at Artificial Intelligence now?
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The document outlines a webinar focusing on the importance of artificial intelligence (AI) for risk managers, highlighting its impacts and benefits within enterprise risk management frameworks. Key topics include integrating AI-related risks, the necessity of data, and how AI can enhance decision-making and efficiency in risk management processes. The document also emphasizes the need for trust and cooperation in AI development alongside regulatory considerations for its implementation.
Webinar: Why risk managers should look at Artificial Intelligence now?
- 1. www.ferma.eu LIVE WEBINAR – FOLLOW US @FERMARISK #FERMAWEBINAR FERMA Risk Leadership at the heart of Europe Suscribe to our newsletter: www.ferma.eu Contact us: [email protected]
- 2. www.ferma.eu WHY RISK MANAGERS SHOULD LOOK AT ARTIFICIAL INTELLIGENCE NOW ? LIVE WEBINAR #7 @FERMARISK #FERMAWEBINAR
- 3. www.ferma.eu Philippe Cotelle Head of Insurance and Risk Management Airbus Defence & Space Team Leader Artificial Intelligence, Technologies and Systems for Digitising Industry, DG CONNECT European Commission Irina Orssich Our speakers Eric Badiqué Advisor for Artificial Intelligence, Technologies and Systems for Digitising Industry, DG CONNECT European Commission
- 4. www.ferma.eu Structure of the document 1. LET’S TALK ABOUT ▪ What is AI? ▪ Why is now the time to focus on AI? ▪ Data is Key 2. AI IN RISK MANAGEMENT – IMPACTS OF AI IN THE ERM FRAMEWORK ▪ Integrating risks generated by AI in the ERM framework ▪ Scope of AI-related risks 3. BENEFITS AND OPPORTUNITIES FOR RISK MANAGERS APPLYING AI ▪ General benefits for risk management ▪ AI Action Guide for Risk Managers ▪ Developing an AI Roadmap
- 5. www.ferma.eu Why and how to implement AI in RM? An overview about AI, industrial use cases, the limits and advantages of AI implementations and the role of data in AI applications
- 6. www.ferma.eu Data is key ! 5 Vs of DATA
- 7. www.ferma.eu
- 8. www.ferma.eu Polling question #1 Do you assess AI related risks in your organisation? YES / NO /Planning to
- 9. www.ferma.eu Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard TITLE TITLE AI vs ERM-COSO Framework
- 10. www.ferma.eu White paper on AI a European approach to excellence and trust Irina Orssich European Commission - Artificial Intelligence Technologies and Systems for Digitising Industry April 2020 European Commission
- 11. Coordinated Plan on AI Dec 2018 Council endorses the Coordinated Plan Feb 2019 Apr 2019 HLEG ethical guidelines Selected milestones from the EU AI journey Jun 2019 HLEG policy + investment recommendations First AI Alliance Assembly Dec 2019 Jun-Nov Piloting! Apr 2018 Strategy AI for Europe
- 12. Interest in AI growing all over the world A crowded field • OECD recommendation adopted on 22-23 May • (G7) Global Partnership on AI (GPAI) • G20: Declaration on Human Centric AI
- 13. USD 15.7 trillion ✓ Potential contribution to the global economy by 2030 from AI (PwC, 2017) AI could add up to EUR 2.7 trillion in GDP to Europe’s combined economy of EUR 13.5 trillion, resulting in 1.4 percent in compound annual growth through 2030. (McKinsey 2019) 12.3% European companies used Big data in 2019* Ecosystem of excellence – potential of AI There are many estimates on the potential that AI holds… … but it is clear that we are just starting to tap into the potential * Out of all enterprises with 10+ employees, excluding financial sector. Source: Eurostat
- 14. Building on EU strengths World-leading position in robotics Strong industrial and services sectors: automotive,healthcare, agrifood Strong business-to-business domain Excellent research centres Industrial data
- 15. 1. Join forces between Member States and the EU - Coordinated Plan on AI 2. Strengthen research and innovation – Testing and experimentation sites, networks of excellence 3. Improve skills – Talent 4. Help SMEs - Digital Innovation Hubs, equity funding 5. Work together with the Private Sector - New PPP on AI, data and robotics 6. Promote AI in the public sector – Sector dialogues Ecosystem of Excellence: 6 key actions
- 16. “The specific characteristics of many AI technologies, including opacity (‘black box- effect’), complexity, unpredictability and partially autonomous behaviour, may make it hard to verify compliance with, and may hamper the effective enforcement of, rules of existing EU law meant to protect fundamental rights.” (White Paper on AI) Ecosystem of trust Lack of trust is a main factor holding back a broader AI uptake.
- 17. • “Convene meetings across the organisation with risk management, data scientists, AI users and IT teams to understand AI-related risks” • Machine learning (probabilistic nature, continue learning..)? • Quality of the data sets used for training? • Design of the algorithm/system? • Other? Identifying AI-specific risks
- 18. Focus on high-risk applications Ensure proportionate regulatory intervention Source: Getty images
- 19. • Do we need more than 2 levels of risk? • How to specify high risk areas? • How flexible do we need to be? • What are the most relevant areas for best practice? • We need your views on how to achieve legal certainty Calibrating the risk-based approach
- 20. Training data Data and record keeping Information to be provided Robustness and accuracy Human oversight Specific requirements for biometric identification Ecosystem of trust: Possible requirements
- 21. High risk ➢ Ex-ante conformity assessments for applications ➢ Market surveillance schemes Low risk ➢ A voluntary labelling system Options of Enforcement ❖ Only where this is strictly needed and minimising burden ❖ Attention to the needs of SMEs and start-ups
- 22. www.ferma.eu Polling question #2 Do you believe that the proposed EU plan will encourage AI development in Europe ? YES/ NO / DON’T KNOW
- 23. www.ferma.eu Benefits & Opportunities for Risk Managers Applying AI
- 24. www.ferma.eu Business decisions Manage complexity Improving efficiency Data processing General Benefits of AI for Risk Managers SECTION 1 Usage of not only structured but also unstructured data in massive amounts; combinations of datasets and updating patterns. Reducing cost by automating day-to-day assistance and guidance in the risk management processes. Awareness of new exposures, increasing preventive risk advice, faster response time (real- / near real-time) in critical situations. Better decision-making through greater predictive and quantitative insights to gain visibility on risks - also for top management.
- 25. www.ferma.eu Polling question #3 Do you plan to use AI tools to perform your risk and insurance activities? YES/ NO
- 26. www.ferma.eu AI & Robotics to respond to COVID Crisis FERMA webinar 19.5.2020
- 27. www.ferma.eu ➢ Key role of tech and strategic autonomy: does crisis strongly reinforce the case for tech excellence and strengthening strategic autonomy? ➢ Digitization/AI-ization: will the crisis through lockdown and major economic disruption accelerate the digitization, introduction of AI tools and transformation of many sectors of activity? ➢ Is this a major opportunity for EU industry to provide new digital solutions and for all types of organisation to reorganise, greenify their process and become more efficient? What can we do to accompany/amplify this? Covid lessons? 1/ Digitization
- 28. www.ferma.eu ➢ Privacy aspects: does the need to deploy tracing tools change the way the public perceives AI in terms of privacy protection? Will that impact the approach to AI regulation? ➢ Bias and quality of training data set: what have we learned? ➢ Data aspects: what will be the impact of the crisis on the data strategy (G2B, B2B, B2G, data quality, data governance)? ➢ International cooperation: does the current crisis reinforce the need for international cooperation around AI and data governance? ➢ Can we expect that the crisis will lead to a higher awareness of privacy-related issues globally? Or will it go the other way? Covid lessons? 2/Trust and data
- 29. www.ferma.eu https://ec.europa.eu/digital-single-market/en/news/join-ai-robotics-vs-covid-19-initiative-european-ai-alliance • Collect ideas about deployable Artificial Intelligence (AI) and Robotics solutions and information on other initiatives • Share the best ideas and identify solutions that could be deployed quickly. • Repository of AI and Robotics-based solutions and initiatives on the AI Alliance platform • In addition: detailed contributions from BDVA, EU- Robotics and the DIH-HERO project Initiatives ~70 Solutions ~230
- 30. www.ferma.eu Readiness & application areas
- 31. www.ferma.eu • EC as broker between providers and those in need of solutions. • Procurement actions – Emergency fund • Special R&I calls and top up calls for solutions that need further development and testing • Connect solution providers with private investors (pitching events..). • Leverage Digital Innovation Hubs for supporting deployment of some of these solutions. • Make use of structural funds earmarked for response to the COVID crisis with Member States. Options for next steps
- 32. www.ferma.eu Q&A
- 33. www.ferma.eu SUBJECT: KEY FINDINGS OF OUR EUROPEAN RISK MANAGER REPORT 2020 WHEN: JUNE HOW: email invitation and/or register on www.ferma.eu THANK YOU & JOIN OUR NEXT WEBINAR RECORD YOUR 2 CPD POINTS CONTACT US: [email protected]