Suncorp Enhances Risk Protocols Following Growing AI Aspirations
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Suncorp Bolsters Risk Strategies Amid Growing AI Aspirations
Quick Read
- Suncorp updates its AI governance and risk management in response to the rise of generative AI.
- Emphasis on internal AI projects to establish foundational capabilities.
- Implementation of federal AI ethics principles for risk management.
- Partnership with IBM on AI applications and governance strategies.
Suncorp’s AI Evolution
Suncorp Group has been utilizing artificial intelligence (AI) technologies like machine learning and robotic process automation (RPA) to streamline operational procedures. This evolution has been underpinned by governance structures and risk management strategies that have effectively dealt with prior AI initiatives.
Generative AI and Growing Aspirations
Adam Spencer, Executive Manager of Enterprise and Strategic Risk, emphasized that the emergence of generative AI (GenAI) has prompted Suncorp to refine its AI governance and risk management strategies. The aim is to ensure safe and responsible AI deployment while facilitating quick technological advancements.
Emphasis on Internal Use Cases
At present, Suncorp is focusing on lower-risk, internally directed GenAI applications. Spencer is of the opinion that beginning with these use cases will allow Suncorp to gain benefits and establish a robust foundation for future, more ambitious AI ventures.
Implementing AI Ethics Principles
Suncorp is putting the federal government’s AI ethics principles into practice to steer its internal discussions and risk assessment activities. These principles encompass various ethical aspects and are being developed into actionable obligations and risk management controls to ensure trustworthy, safe, and equitable AI operations.
Key Risks and Strategies for Mitigation
Spencer pointed out that reliability, safety, and accuracy are fundamental risks that Suncorp aims to tackle in the first instance. Ensuring options for contestability and fairness in AI outcomes is also a priority, allowing customers to question AI-driven decisions if necessary.
Collaboration with IBM
Suncorp and IBM maintain a longstanding collaboration in formulating AI applications leveraging IBM’s Watson technologies. IBM has been actively involved in Suncorp’s initiatives to improve its AI governance and risk management frameworks.
Closing Summary
Suncorp is enhancing its AI governance and risk management to align with its growing AI ambitions, initially concentrating on internal, lower-risk GenAI applications. By adopting and implementing the federal AI ethics principles, Suncorp is establishing a framework for safe and ethical AI usage. The partnership with IBM continues to be a pivotal component of these efforts.
Q: Why is Suncorp revising its AI governance and risk management?
A: Suncorp is revising its AI governance and risk management to keep pace with the rise of generative AI and the company’s goal to expand its AI capabilities in a safe and responsible manner.
Q: What are the initial focus areas for Suncorp’s AI applications?
A: Suncorp is concentrating on internally directed, lower-risk generative AI cases to build foundational capabilities before advancing to more ambitious, customer-centric applications.
Q: How is Suncorp utilising the federal AI ethics principles?
A: Suncorp is employing the federal AI ethics principles as a guideline for internal discussions and risk-mapping processes, converting these principles into actionable obligations and risk management strategies.
Q: What are the key risks Suncorp aims to address with its AI initiatives?
A: The principal risks Suncorp is focused on include reliability, safety, accuracy, contestability, and fairness in AI outcomes.
Q: How is IBM involved in Suncorp’s AI governance and risk management efforts?
A: IBM has been cooperating with Suncorp on AI applications, particularly using Watson technologies, and has been involved in the revision of Suncorp’s AI governance and risk management frameworks.
