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March 31, 2022

Industry Challenge

How to Talk about AI Ethics

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What: The ethical use of AI is complicated for any company. In a recent article, the Harvard Business Review suggested a framework for successfully talking about AI: 

  1. Determine who should participate in the conversation
  2. Define the organization’s ethical standards 
  3. Identify gaps that need to be addressed
  4. Understand the complex sources of the problems and create solutions

Why it matters: Companies need to think about how they want to put their thumbprint on the scale of AI output. This means deciding whether there is instructional content that should be used to train AI so its output aligns with company values. It’s also important to think about the biases that AI might have, and how to correct those biases.

We asked our AI engine why AI ethics matters – here’s what it has to say: “AI is growing at an unprecedented rate and with that comes a lot of ethical questions. It will be important for companies to have a framework for how they want to use AI ethically and then communicate that framework to their employees, customers, and other stakeholders.” 

Read: Ethics and AI: 3 Conversations Companies Need to Have

Risk Mitigation

$12.8 Million Facility Designed to Simulate Massive Storms

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What: A new stadium-sized research facility is being built to generate winds of 200-mph, and simulate storm surges and pounding waves, all at the same time. The goal of this $12.8 million testing facility is to learn how materials and construction techniques actually stand up against the worst that nature has to offer.  

Why it matters: Given the trend of Florida insurer insolvencies and changing weather patterns, this type of research is on point for the industry. 

Read: Coming Soon: Stadium-Sized Site to Test 200-mph Wind, Waves, Storm Surge

New Risk Rating

Marsh Launches an Environmental, Social, and Governance Risk Rating

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What: Marsh announced its new Environmental, Social, and Governance (ESG) Risk. The ESG rating aims to help clients identify and contain their most critical sustainability and climate-related risks. 

Why it matters: Climate risks have historically been difficult to manage because of the high level of variability, given that year-to-year the cost of climate events fluctuates considerably. It will be interesting to see how Marsh uses this new rating to help protect its clients from the extremes of mother nature. 

Read: Marsh Launches ESG Risk Rating to Assess Companies’ ESG Performance

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