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New technologies need better risk control

bigstock illustration of virtual data a 125418569

Artificial intelligence, robotics and the Internet of Things have the greatest potential benefits for society but also the greatest need for better risk governance, according to a World Economic Forum (WEF) report.

Speaking at the launch of The Global Risks Report 2017, insurance firm Marsh’s global risk and specialties president John Drzik said that while what is becoming known as the fourth industrial revolution brings many opportunities, there is also a pressing need for more developed risk governance.

“These technologies present opportunities for companies, for us at a societal level, no doubt they can be used to address major issues in healthcare, in climate change, but at the same time they raise new risks,” he said.

“We are going to be looking at making these trade-offs in innovation versus regulation at the policy level, innovation versus security at the company level and just the general risk-reward trade-off as we move forward with technology.”

The report highlighted the fact that new technology poses other risks including risks for employees. According to WEF head of global competitiveness and risks Margareta Drzeniek Hanouz, between 1997 and 2007 86% of US manufacturing job losses were due to technology rather than globalisation.

In this year’s survey around 750 experts assessed 30 global risks, along with 13 underlying trends that could worsen the problems.

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