Adoption and Usage of AI and the Role of the Risk Function 2024

The adoption and usage of artificial intelligence (AI) are becoming increasingly important issues across the Lloyd’s market.

Description

We aim to build on the insights from last month’s survey to develop an industry perspective on the evolving role of risk functions in the age of AI tools and solutions. Specifically, we seek to identify potential changes to risk governance, risk management frameworks, and related areas.

Agenda

We are working with Oxbow Partners to design a workshop to discuss these issues and would be delighted if you could join. The proposed agenda is as follows:

• Background and context: Overview of the outcomes we are seeking.
• AI tools and solutions overview: Overview of Oxbow Partners’ Generative AI (GenAI) report findings and definition of AI.
• Review of LMA survey findings
• Risks of AI and response: Consideration of areas such as governance, risk management frameworks and the roles of first vs. second lines of defence? Should we prioritise addressing operational risk or underwriting risk?
• Next steps: How would you like the LMA to use this discussion?

The discussion will be held under Chatham House rules. It is anticipated it will help guide next steps in terms of how the LMA can support risk functions further.

Speakers

• Miqdaad Versi, Partner, Oxbow Partners
• Alex Koukoudis, Senior Executive, Finance & Risk, Lloyd’s Market Association

Audience

Chief Risk Officers.

This event is open to full LMA members only with 15 places available on a first-come, first-served basis.