Thomson Reuters’ "Future of Professionals" report has unveiled the challenges and opportunities presented by the widespread adoption of AI technologies, highlighting risk mitigation as a key business priority.
According to Thomson Reuters’ in the rapidly evolving landscape of artificial intelligence (AI), businesses across the globe are prioritizing risk mitigation as a critical component of their operational strategies. Drawing from extensive research and client surveys, the study identified risk mitigation as a paramount concern for corporations navigating today's market's technological and regulatory complexities.
AI's integration into various sectors is profound, offering efficiencies in routine tasks and enhanced decision-making capabilities through data-driven insights. Despite these benefits, AI development's pace introduces challenges, particularly in regulatory compliance and ethical deployment.
The "Future of Professionals" report, informed by insights from the 2023 State of Corporate Legal Department report, pointed to increasing risks in areas such as regulatory compliance, risk identification, and fraud detection. The report urged a proactive approach to AI utilization, ensuring businesses are optimized for operational efficiencies and prepared for future challenges.
To navigate these challenges, the report outlined two main strategies for effective risk mitigation. The first involved the application of AI-enhanced tools and software, which can significantly improve risk management by automating governance, compliance, and cybersecurity measures. Such tools are pivotal in horizon scanning for potential risks, improving regulatory monitoring, and enhancing data analysis for better decision-making.
The second strategy focused on the management of AI-generated information and the role of human oversight in the use of AI tools. Developing clear policies and enhancing soft skills within organizations are essential steps in deploying AI technologies effectively. This approach emphasized the importance of communication, resilience, and upskilling within the organizational risk management framework.
The Future of Professionals report also offers further insights on risk and fraud and how to develop growth strategies in the new age of AI. The report is available for download on the Thomson Reuters website.