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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-12-01T21:20:00
Companies could be in danger of making key risk information publicly available when arranging business insurance cover because insurers might use or pass the data on to train artificial intelligence (AI) and machine learning technologies to improve their underwriting.
Insurers are increasingly embracing AI-based technologies to cut costs, achieve quicker turnaround times, expedite claims processing, and provide more accurate risk analysis for their underwriting as the sector becomes more competitive.
But this might pose serious risks to companies buying insurance if the risk data used to price their insurance premiums is used to train insurers’ AI algorithms or shared on commonly used chatbots like ChatGPT, which can also retain rights to the intellectual property.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-11-29T16:00:00Z By Adrianne Appel
Most compliance professionals say their teams are not using artificial intelligence to assist with compliance obligations, according to our “Inside the Mind of the CCO” survey.
2023-11-20T20:16:00Z By Adrianne Appel
The Securities and Exchange Commission has not yet implemented rules governing use of artificial intelligence but still expects regulated entities to adhere to commonly accepted practices, including disclosure, said an agency enforcement official.
2023-10-20T14:14:00Z By Neil Hodge
Companies need to be aware of the legal risks and liabilities associated with their use of AI-based technologies, as technology firms are not the only ones in regulators’ sights, a panel of experts discussed at Compliance Week’s Europe conference in London.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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