These risks are listed in the order that respondents ranked them for their potential to negatively impact their business, with data integrity, statistical validity and model accuracy reported as the three most significant risks. They also said that these three are the risks they are managing or mitigating most actively.
Who is responsible for managing these risks? Our survey revealed that C-Suite executives are more involved in providing direction and creation of new analytic processes, but the implementation, refinement and risk review of the models are left to management. Similarly, relatively few C-Suite executives were directly involved in or responsible for strategies to manage risk and data/model governance. This may be our first indication that while AI-related risks may be recognized, they might not be fully addressed.