AIRMIC 2023: AI doesn’t scare our members – Loke

Risk management association, Airmic, has said it’s younger members are ready to embrace AI despite the concerns around the risks.

The organisation’s head of research Hoe-Yeong Loke, said Airmic had polled its members on the issues around AI and that millennial and Generation Z members of Airmic are ready to embrace the promise of artificial intelligence (AI), contrary to fears of AI taking jobs away. Airmic issued a new report, the latest in its future of the Profession survey series, produced in association with WTW.

Loke said: “AI is the biggest talking point for many at the moment given the media reports on the fears around the loss of jobs and the existential risks it may pose.

The Gen Z and millennial members we have expect AI to brogh a lot more to their roles.”

The report said AI can help equip risk professionals to bring greater value to their organisations as strategic enablers. Moreover, as fears of ethical and other risks around AI grow, it will reinforce the need for human decision making and oversight, a role which risk professionals are well positioned to take up.

“We need to recognise the opportunities the future will present as well as the threats it will create. This means identifying the right skills that risk professionals need to navigate their organisations through an AI-enabled future,” says Julia Graham, CEO of Airmic.

Warnings about the potential dangers of AI have awakened governments and societies to the pressing need to regulate AI.

“Given the growing importance of the need to assess and plan for the risks created by AI and the opportunities for better assessment and planning presented by it, it is crucial for the whole profession to upskill, and to embrace and understand these new technologies and how to ethically adopt them,” said Lord Tim Clement-Jones, member of the AI in Weapon Systems Committee, a House of Lords Select Committee.

The survey report also found how the risk profession is opening doors for individuals and positively contributes to social mobility. Of the respondents who went to university, 41% were the first person in their family to do so.

Additionally, the risk profession continues to offer inspiring careers. More than half of Airmic members have stayed with their present organisation for over five years.

“It is important that we continue to attract new and diverse talent into the risk and insurance industry. As we’ve seen from the statistics over the years, once people are in the industry, they go on to have engaging, successful and rewarding careers,” says Amanda Scott, Global Mergers & Acquisitions Consulting Leader at WTW.

Loke added: “Without doubt there will be a call for human oversight ass AI becomes an ever greater part of the working environment, but it will be an area where our members, who are well versed in risk and technology will excel.

“We need to assess and prepare for the risks AI will bring but also the opportunities. Our members do not fear AI they can see the potential.”