The use of artificial intelligence (AI) recently exploded with the launch of ChatGPT at the end of 2022. The ChatGPT website currently receives an estimated 1.6 billion monthly website visitors - which tells us that AI is here to stay and in a big way. More AI firms and applications are popping up every day.
In Gartner’s Top Strategic Predictions for 2024 and Beyond — Living With the Year Everything Changed, Published 23 November 2023, they state that “the breadth and depth of the innovation affects everything, and there is no simple path”. That’s a serious statement that risk executives should not take lightly. In the report, Gartner® includes some strategic planning considerations for executives that include:
- By 2028, there will be more smart robots than frontline workers in manufacturing, retail, and logistics due to labor shortages.
- Through 2026, 30% of large companies will have a dedicated business unit or sales channels to access fast-growing “machine customer” markets.
- By 2027, 45% of chief information security officers (CISOs) will expand their remit beyond cybersecurity, due to increasing regulatory pressure and attack surface expansion.
AI should be viewed as an opportunity tempered through a lens of strong risk management. These assumptions plus others that companies are making relative to their own business models have risk and control implications many of which we know nothing about yet because there isn’t much, if any, precedent to show how AI risks have impacted organizations, individuals, or society. Therefore, it is critical that organizations get creative to evaluate the strategic and tactical impacts AI might have on their business and implement an agile risk management process across the first and second lines of defense that can quickly identify risks and implement controls to mitigate the impacts. Companies have to be more proactive and agile than ever before.
Organizations must capitalize on AI not only to make their businesses more productive or cost-effective, but potentially revolutionize their business models to make quantum leaps and take advantage of new business opportunities. Gartner quotes Deepak Chopra, who stated, “All great changes are preceded by chaos.” AI will create much commotion as innovations continue to occur.
Gartner goes on to provide much more depth to their planning assumptions in the full document here, which Archer is providing to you complimentary until March 15th. Time is limited so please download the report soon.
We’re interested in your thoughts and what your organization is doing not only to utilize AI but to manage the risks. Join the conversation here at CRO Pathway.
Gartner, Gartner’s Top Strategic Predictions for 2024 and Beyond — Living With the Year Everything Changed, Daryl Plummer, Frances Karamouzis, and 36 more.
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