Global Risks Report

• In 2021, Verisk began leveraging data from NFPA’s Firewise USA Program, which tracks thousands of communities engaging in wildfire mitigation efforts.
• Through this extended agreement, Verisk will now expand its license from California to mitigation insights for the remaining western coverage states, including Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah, Washington, and Wyoming.
• “These new reports from Verisk provide carriers’ with additional information to support a more comprehensive risk management strategy for wildfire in western U.S. states.”
  These mitigation insights can be previewed in newly developed Wildfire Risk Reports from Verisk.
• To explore wildfire risk at a glance and preview key mitigation details, interested parties can download the state-specific wildfire risk reports from Verisk.

• Global Risk in Focus provides practical, data-driven research to help internal auditors and their stakeholders understand the current risk landscape and prepare internal audit plans for the years ahead.
• The research represents an ambitious expansion of the European Institutes Research Group's annual Risk in Focus report and provides the first global view of risks from an internal audit perspective.
• Global Risk in Focus is a series of reports customized for six global regions.
• "The insights from the Global Risk in Focus reports will serve as an essential tool for chief audit executives as they begin developing next year's internal audit plan," said Javier Faleato, IIA Executive Vice President, Global Strategy & Affiliate Relations, and Executive Director, Internal Audit Foundation.

• For the most part, the focus of contemporary emergency management has been on natural, technological and human-made hazards such as flooding, earthquakes, tornadoes, industrial accidents, extreme weather events and cyber attacks.
• However, with the increase in the availability and capabilities of artificial intelligence, we may soon see emerging public safety hazards related to these technologies that we will need to mitigate and prepare for.

AI and hazard classification

• As the use of AI increases, there will be more adverse events caused by human error in AI models or technological failures in AI based technologies.
• Intentional AI hazards are potential threats that are caused by using AI to harm people and properties.
• In my view, this simple intentional and unintentional classification may not be sufficient in case of AI.

Public safety risks

• Public safety and emergency management experts use risk matrices to assess and compare risks.
• Hazards with high frequency or high consequence or high in both consequence and frequency are classified as high risks.
• Up until now, AI hazards and risks have not been added into the risk assessment matrices much beyond organizational use of AI applications.

AI risk assessment

• The report warned that AI technology is advancing very quickly and that risk control measures must be in place before they overwhelm the systems.
• Governments have also started developing some risk assessment guidelines for the use of AI-based technologies and solutions.
• The proposed voluntary AI risk assessment framework recommends banning the use of AI systems that present unacceptable risks.

Threats and competition

• Much of the national level policy focus on AI has been from national security and global competition perspectives — the national security and economic risks of falling behind in the AI technology.
• The U.S. National Security Commission on Artificial Intelligence highlighted national security risks associated with AI.
• These were not from the public threats of the technology itself, but from losing out in the global competition for AI development in other countries, including China.

Faster than policy

• AI development is progressing much faster than government and corporate policies in understanding, foreseeing and managing the risks.
• While we should collectively and proactively try for such governance mechanisms, we all need to brace for major catastrophic AI’s impacts on our systems and societies.

• The report provides an in-depth analysis of the global Risk Analytics Market, including its growth prospects, market trends, and market challenges
  JERSEY CITY, N.J., May 11, 2023 /PRNewswire/ -- The Global Risk Analytics Market is projected to grow at a CAGR of 7.54% from 2023 to 2030, according to a new report published by Verified Market Research®.
• The report reveals that the market was valued at USD 35.65 Billion in 2021 and is expected to reach USD 72.98 Billion by the end of the forecast period.
• Risk Analytics Software Market Expected to Grow Exponentially, Key Players Include IBM, Oracle, SAP, and Verisk Analytics
  The global market for risk analytics software is set to experience substantial growth in the coming years, with increasing complexity of business operations driving demand for data management and risk analysis.
• Based on the research, Verified Market Research® has segmented the global Risk Analytics Market into Risk Type, Component, Deployment Mode, Vertical, And Geography.