Strategic Risk, October 25, 2023

While 93% of companies recognize the risks associated with using generative AI, only 9% say they’re prepared to manage the threat, according to a new global research survey of more than 300 risk and compliance professionals.

The research, conducted by Riskonnect, reveals a profound AI risk management gap. To date, only 17% of risk and compliance leaders have formally trained or briefed their organizations on the risks of using generative AI.

“Generative AI is taking off at lightning speed and ushering in a new wave of business risks. Our research shows that most companies have been slow to respond, which creates vulnerabilities across the enterprise,” said Jim Wetekamp, the CEO of Riskonnect. “The rise of generative AI is the latest example of how quickly today’s risk landscape evolves. We’ve officially entered a new generation of risk.”

The key threats businesses need to be aware of

Riskonnect’s research – The New Generation of Risk – explores the new threats facing organizations and the strategies risk management teams are using to navigate this uncharted territory.

Key research findings

  • The generative AI threat is broad and interconnected: Companies’ top generative AI concerns include data privacy and cyber issues (65%), employees making decisions based on inaccurate information (60%), employee misuse and ethical risks (55%), and copyright and intellectual property risks (34%).

Read the full article in Strategic Risk.>>