Kathmandu. Technology risks are increasing in firms worldwide. That’s because 43% of firms still haven’t introduced a formal artificial intelligence (AI) risk management framework. However, technology is rapidly being integrated into day-to-day operations.
According to Gallagher-Rico’s third annual AI Options and Risk Survey of 1,200 companies around the world, insurance and risk mitigation strategies typically require rigorous impact assessments. The survey found that only 44% of businesses have formally evaluated their AI usage.
This lack of technical oversight persists, even though 62% of firms around the world have already trained employees with AI and 55% have hired them for AI-specific roles.
AI productivity has also been reported to increase by 86% of firms. However, only 56% of organizations have communicated their AI strategies to their employees. As a result, nearly half of businesses surveyed leave employees without clear guidelines on how to interact with technology.
From a liability and risk perspective, businesses are also prioritizing human oversight to reduce setbacks in customer interactions and solve complex problems. In the survey, 34% of respondents cited the “human touch” in customer relationships as the reason to save human jobs. While 31% said that human intervention is needed to solve problems that technology cannot handle alone. –Agency
