The mass availability of generative AI, such as OpenAI’s ChatGPT and Google Bard, became a top concern for enterprise risk executives in the second quarter of 2023, according to Gartner. “Generative AI was the second most-frequently named risk in our second quarter survey, appearing in the top 10 for the first time,” says Ran Xu […]
Gartner has previously identified six risks of generative AI and four areas of AI regulation that are relevant to assurance functions. In terms of managing enterprise risk, three main aspects must be addressed, according to Gartner experts:“Information entered into a generative AI tool can become part of its training set, meaning that sensitive or confidential information could end up in outputs for other users,” says Xu.
This has the potential to violate privacy law in many jurisdictions. For example, regulation has already been implemented in China and the EU, with proposed regulations emerging in USA, Canada, India and UK among others.“Hackers are always testing new technologies for ways to subvert it for their own ends, and generative AI is no different,” says Xu.
“Persistent inflation that is less responsive to interest rate rises and contuse longer than anticipated has escalated costs and margin pressures on third parties,” says Xu. “As central banks increase interest rates to fight inflation, this also brings about a process of credit tightening that may force suppliers to suspend operations or become insolvent as borrowing costs rise.”
Gartner experts identified three potential third-party viability consequences for risk managers to monitor as the situation develops:
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