As excitement around the benefits of generative artificial intelligence applications like OpenAI’s ChatGPT and Google’s Bard has grown, so have the notes of caution from many in the industry, who point to a range of potential risks that could come with the tech. ISACA’s new resource, The Promise and Peril of the AI Revolution: Managing Risk, acknowledges the benefits of generative artificial intelligence (AI), but explores the rapidly evolving risk landscape and the steps that risk professionals should take to keep up with it.

The paper examines several different types of potential risk that enterprises could face with generative AI, including invalid ownership, weak internal permission structures, data integrity and cybersecurity and resiliency impact, not to mention larger societal risk. As AI will likely affect businesses in every industry, organizations must take four important steps to maximize AI value while installing appropriate and effective guardrails, as part of a continuous risk management approach:

1. Identify AI benefits.
2. Identify AI risk.
3. Adopt a continuous risk management approach.
4. Implement appropriate AI security protocols.

Following these steps will allow leaders to strike a good balance of risk versus reward as AI-enabled tools and processes are leveraged in their enterprises. In addition to breaking down the above four steps, the ISACA paper includes eight protocols and practices for building AI security programs in the fourth step, including:

• Trust but verify.
• Design acceptable use policies.
• Designate an AI lead.
• Perform a cost analysis.

“While some leaders may prefer to wait to adopt AI tools, it can be a risk to your organization to delay the implementation of proper security and risk management plans; AI risk isn’t just a precaution – it’s a necessity,” says Jason Lau, Chief Information Security Officer of Crypto.com and ISACA Board Director. “It is imperative that leaders prioritize establishing the correct infrastructure and governance processes for AI in their organizations, ensuring they align with core ethics, sooner rather than later.”

To download a complimentary copy of The Promise and Peril of the AI Revolution: Managing Risk, visit https://www.isaca.org/promise-peril-ai-revolutions.

This resource joins recent ISACA content and guidance around artificial intelligence which can be accessed here. Additional ISACA resources can be found here.

About ISACA

For more than 50 years, ISACA has equipped individuals and enterprises with the knowledge, credentials, education, training and community to progress their careers, transform their organizations, and build a more trusted and ethical digital world. ISACA leverages the expertise of its 170,000 members who work in digital trust fields such as information security, governance, assurance, risk, privacy and quality. It has a presence in 188 countries, including 225 chapters worldwide. Through its foundation One In Tech, ISACA supports IT education and career pathways for underresourced and underrepresented populations.

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ISACA prepares enterprises for managing generative artificial intelligence risk with new guidance