Author Archives: Hilary Tuttle

About Hilary Tuttle

Hilary Tuttle is the managing editor of the Risk Management Monitor and Risk Management magazine.
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Assessing the Legal Risks in AI—And Opportunities for Risk Managers

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Last year, Amazon made headlines for a developing a human resources hiring tool fueled by machine learning and artificial intelligence. Unfortunately, the tool came to light not as another groundbreaking innovation from the company, but for the notable gender bias the tool had learned from the data input and amplified in the candidates it highlighted for hiring.

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As Reuters reported, the models detected patterns from resumes of candidates from the previous decade and the resulting hiring decisions, but these decisions reflect that the tech industry is disproportionately male. The program, in turn, learned to favor male candidates.

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As AI technology draws increasing attention and its applications proliferate, businesses that create or use such technology face a wide range of complex risks, from clear-cut reputation risk to rapidly evolving regulatory risk. At last week’s RIMS NeXtGen Forum 2019, litigators Todd J. Burke and Scarlett Trazo of Gowling WLG pointed toward such ethical implications and complex evolving regulatory requirements as highlighting the key opportunities for risk management to get involved at every point in the AI field.

For example, Burke and Trazo noted that employees who will be interacting with AI will need to be trained to understand its application and outcomes. In cases where AI is being deployed improperly, failure to train the employees involved to ensure best practices are being followed in good faith could present legal exposure for the company. Risk managers with technical savvy and a long-view lens will be critical in spotting such liabilities for their employers, and potentially even helping to shape the responsible use of emerging technology.

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To help risk managers assess the risks of AI in application or help guide the process of developing and deploying AI in their enterprises, Burke and Trazo offered the following “Checklist for AI Risk”:

  • Understanding: You should understand what your organization is trying to achieve by implementing AI solutions.
  • Data Integrity and Ownership: Organizations should place an emphasis on the quality of data being used to train AI and determine the ownership of any improvements created by AI.
  • Monitoring Outcomes: You should monitor the outcomes of AI and implement control measures to avoid unintended outcomes.
  • Transparency: Algorithmic decision-making should shift from the “black box” to the “glass box.”
  • Bias and Discrimination: You should be proactive in ensuring the neutrality of outcomes to avoid bias and discrimination.
  • Ethical Review and Regulatory Compliance: You should ensure that your use of AI is in line with current and anticipated ethical and regulatory frameworks.
  • Safety and Security: You should ensure that AI is not only safe to use but also secure against cyberattacks. You should develop a contingency plan should AI malfunction or other mishaps occur.
  • Impact on the Workforce: You should determine how the implementation of AI will impact your workforce.

For more information about artificial intelligence, check out these articles from Risk Management:

Saint Joseph’s University Wins Spencer-RIMS Risk Management Challenge

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BOSTON—Students from Saint Joseph’s University won the Spencer-RIMS Risk Management Challenge at RIMS 2019. Comprising team members Joseph Angelina, Katherine Branson, Ashley Myers, Daniel Tan, and academic advisor Michael Angelina, the winners earned $4,000 for the risk management program they developed and presented at the conference here in Boston this week. Second and third place went to St.

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Mary’s University and Butler University, which won ,000 and ,000, respectively.

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The case study for this year’s challenge came from Robert Zhang, RIMS board director and the risk and compliance director for IKEA China. Zhang tasked the students with identifying the top five risks of integrating new physical and digital commerce options for customers.

In determining a winner, the fine print proved critical, with the best presentations specifically focusing on the core part of the prompt: given digital transformation and shifting consumer preferences, what are the key risks involved as such a massive company innovates and evolves?

The winning team took a useful, strategic approach to risk management that could be flexible for the company to adapt and use going forward.

“They provided a true strategic view of IKEA’s risks as they transition from traditional brick-and-mortar into a multi-channel retailer, and they provided IKEA with a strategic framework that can be built out with tactical options,” said Andrew Bent, risk director at Sage and one of the challenge judges.

This year’s Spencer-RIMS Risk Management Challenge drew more entries than ever before, with teams from 28 schools initially submitting papers on the case study. And the competition was strong—according to Louis Drapeau, who served as a judge, they could not pick a top eight submissions, as anticipated, so they invited nine teams for the in-person presentation rounds here in Boston.

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Poise and pertinent PowerPoint slides reflected the strong presentation skills of the top three teams, Drapeau noted. RIMS CEO Mary Roth had a similar impression, praising all of this year’s participants as impressive aspiring additions to the risk management community. “Beyond the remarkable presentations delivered by each university team, our Spencer-RIMS Risk Challenge students continue to demonstrate the highest-degree of professionalism and an exceptional grasp of sophisticated concepts,” she said.

RIMS Bestows Top Industry Honors and Awards

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SAN ANTONIO—At today’s RIMS 2018 Annual Conference & Exhibition Awards Luncheon, the risk management society kicked off the week by issuing its top marks of distinction for leadership and achievement in the industry.

Ward Ching, managing director of the western region at Aon Global Risk Consulting, received RIMS’ most prestigious honor, the Harry and Dorothy Goodell Award. Named after RIMS’ first president, the award recognizes outstanding service and achievement in furthering the goals of the society and the discipline of risk management. “This year’s winner is an outside of the box thinker, customer focused, and always willing to put others before himself,” said RIMS President Robert Cartwright, Jr. “He created a brand new culture of safety for Safeway, has saved companies billions of dollars and is creating risk management programs for universities across the country.”

This year’s inductee to the Risk Management Hall of Fame is Berry Griffin, former RIMS president from 1979.

“RIMS stands as the premier risk management association in the world and has grown its network to over 10,000 professionals because of individuals like Berry Griffin, Jr.,” said RIMS CEO Mary Roth. “Dedicated, passionate and genuinely invested in demonstrating the value of risk management, Berry’s contributions continue to drive conversation and evolve risk practices. It is an honor to induct this longstanding RIMS leader into the Risk Management Hall of Fame.”

Celebrating the impact of an involved membership both past and future, the RIMS Rising Star Awards went to Lindsey Harris, risk manager at Dollar Tree Stores, and Jaci Mennenga, manager of corporate risk management at COUNTRY Financial. Harris and Mennenga were honored for demonstrating exceptional initiative, volunteerism, professional development, achievement and leadership potential.

Among those recognized for exceptionalism on a chapter level, Randy Jouben, risk manager at Fairfax County Government and active member of RIMS Potomac Chapter, received the Ron Judd “Heart of RIMS” Award. The first ever RIMS EChO Award for enhancing chapter outcomes went to the Oregon Chapter. For their continued service with RIMS and exceptional support of the society’s strategic initiatives, Andrew Bent, risk manager at the Sage Group PLC, and Lori Seidenberg, head of global real assets insurance at BlackRock, Inc., were named to the RIMS Ambassadors Group.

Tomorrow morning, the society will continue to recognize some of the risk management industry’s top talent at the RIMS Risk Manager of the Year Award Breakfast. RIMS Risk Manager of the Year and Risk Management Honor Roll aim to raise the profile of the risk management profession and the outstanding programs practitioners have implemented within their organizations. This year’s Risk Manager of the Year is Rebecca F. Cady, vice president and chief risk officer at the Children’s National Medical Center. Additionally, three risk professionals will will be named to the RIMS Risk Management Honor Roll: Sandy Aspinall, Jr., vice president of global risk management for Comcast Corporation; Jennifer Hills, director of the office of risk management services for King County (Washington); and Joseph Meaney, Jr., vice president of global insurance and risk engineering for The AES Corporation.

Community, Diversity Spotlighted at RIMS Canada

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TORONTO—The 2017 RIMS Canada Conference quickly found its groove on Monday morning, kicking off the annual conference with performances by a choir of local schoolchildren and an opening session centered on the theme of community.

Focusing first on the RIMS community, the RIMS Canada Council announced its top honors for accomplishment in the risk management field. RCC Chair Rieneke Lips presented the Fred H. Bossons Award—given to the risk management professional earning the highest average mark on the three examinations required to attain the Canadian Risk Management (CRM) designation—to Deborah Moor, vice president of HIIG Underwriters Agency (Canada) Ltd.

In recognition of outstanding contributions to the risk management profession, Christina Gardiner, president of the RIMS Ontario chapter (ORIMS), and Val Fox, special advisor to ORIMS, presented the Donald M. Stuart Award to Tony Lackey, director of risk and insurance services for Carleton University in Ottawa. Lackey has not only managed the university’s risk management program and developed and implemented its annual enterprise risk assessment process, but has been deeply involved in the education of other risk managers.

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Indeed, after obtaining his Associate from the Insurance Institute of Canada (AIIC now CIP) and helping forge the relationship between his university and RIMS to promote and administer CRM programming, he became an instructor, teaching the CRM course at Carleton University’s Sprott School of Business.

In his opening keynote, workplace diversity expert Ted Childs shifted the focus from community to an exploration of the human and strategic imperatives of fostering and maintaining diversity programs. Childs, who oversaw such programs and policies as part of his 39-year tenure at IBM, laid out what he called the “business context for diversity.

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” He noted that creating the strongest business depends on recruiting and retaining the best talent, which requires an enterprise-wide culture that actively works to ensure representation and advancement.

These goals, however, cannot be considered synonymous, Childs cautioned. “Diversity is the picture, inclusion is the test,” he said, explaining that anyone could likely walk through a business and select enough people who “look different” to fill a photo. When that lens is narrowed by various levels of seniority, however, it remains much more difficult.

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Building community builds business, Childs argued, and while this should be motivated in part by the obvious factors, from moral imperative to the competition for talent, he focused heavily on the impact to every business’s bottom line as well. “Workforce diversity is the bridge between the workplace and the marketplace,” he said. Customers want to see themselves reflected in the companies that serve their needs.

Should that be insufficient compulsion, however, Childs has copyrighted his argument in blunter terms: “No matter who you hate, you don’t hate them more than you love money.”