Risk and AI for Corporations – 10 Things to Evaluate Right Now!

The corporate landscape is changing faster than ever before and its speed is increasing exponentially.

The road to business and sales success which were easy to follow in yesteryear has been replaced with crooked pavement and too many potential twists and turns to easily predict the right path forward.

Artificial Intelligence (AI) is the reason for this corporate revolution, offering unprecedented opportunities for speed, growth, knowledge, and efficiency. However, as every comic book reader knows with great power comes great responsibility, and AI is no exception.

In fact, the biggest concern is that AI is moving so fast that what is legal or not, is in question as new precedents are set and new laws in Europe and the USA start to form. Sam Altman CEO of Open AI has even gone on record to state that the AI Revolution maybe moving too fast for Society to Adapt. Same with Business!

The challenge for any C-Suite team is understanding which AI risks are real vs. AI fear mongering.

Corporations must be vigilant when integrating new AI applications into their operations. They must be clear regarding the known risks and be prepared if their AI goes rogue how they are going to handle it. With AI you can’t know everything that is coming, but corporations must look at the big picture when implementing AI, and know the potentially amazing, good while being prepared for the ramifications of a bad AI install or employees using AI illegally (likely without even knowing it).

Top 10 AI Risks Corporations Face Today 

AI Risk Potential Impact Risk Mitigation Strategies 
Data Privacy Unauthorized access to sensitive information – AI “sees everything”  Implement robust encryption and access controls 
Bias in Decision-Making Unfair treatment and discrimination Regularly audit algorithms for bias and fairness 
Security Vulnerabilities Cyber-attacks exploiting AI weaknesses Conduct frequent security assessments and updates 
Compliance Risks Fines and penalties for non-compliance Stay updated with regulations and ensure AI adherence 
Lack of Explainability Difficulty in understanding AI decisions Develop explainable AI models and provide transparency 
Dependence on AI Over-reliance leading to skill degradation Encourage human oversight and continuous learning 
Job Displacement Loss of jobs due to automation Invest in workforce reskilling and upskilling programs 
Ethical Concerns AI actions conflicting with moral values Establish an AI ethics board and clear guidelines 
Misinformation Spread of false information by AI Design AI with fact-checking and source verification 
Intellectual Property Risks Theft or misuse of AI-generated content Secure intellectual property rights for AI creations 

This article covers just ten current AI concerns and each of these is an entire paper with a risk mitigation strategy associated with it and a team of AI lawyers ready to deploy! If you’re interested in learning more check out Sentia AI’s interview with AI Lawyer Gary Kibel.

The long and the short of it is the rapidly evolving landscape of AI, corporations must stay ahead of these risks to harness AI’s full potential while maintaining trust and integrity. By proactively addressing these concerns, businesses can pave the way for a future where AI and human ingenuity work hand in hand for the betterment of society. 


Paper Source(s) 

1. AI: These are the biggest risks to businesses and how to manage them 

2. Identifying and managing your biggest AI risks | McKinsey 

3. How Organizations Can Mitigate the Risks of AI 

4. 12 Dangers of Artificial Intelligence (AI) | Built In 

5. Risks of AI vs. Risks From AI: Where Should Enterprise Focus … 

6. What are the risks of using AI in business? – Financial Times 

With over 30 years senior management experience across 3 continents, Australian-born David founded Sentia AI in 2018 with a mission to change the way people work at work.
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