Highwire has launched an AI-powered safety risk management tool that provides contractors with deep insights through automated document reviews and risk identification, reducing thousands of man-hours spent on traditional manual reviews. The tool offers more accurate contractor assessments, helping managers implement mitigation strategies before work begins, categorizing safety protocols as general, detailed, or comprehensive, and going beyond simple pass/fail analysis to support more informed decision-making. This AI technology was developed at Harvard University and aims to serve large companies with mature safety programs as well as small contractors, with the goal of enhancing safety.

The EU AI Act came into effect on August 1, 2024, marking the beginning of a new era in AI regulation. The Act establishes clear standards and compliance requirements for AI applications within the EU, reflecting a governance strategy based on risk management. Following the implementation of the Act, AI developers and applications will be classified according to their risk levels, subject to varying compliance timelines. The use of AI technologies is prohibited in specific circumstances, such as law enforcement using remote biometrics in public spaces. High-risk AI applications must undergo stringent assessments and regulatory audits, while low-risk applications require.

The Justice Department intensifies its regulation of artificial intelligence, warning that companies abusing it will face severe penalties. The Deputy Attorney General mentioned that evaluating compliance programs will consider technology risk management. A lawsuit has been filed against a former Google engineer, highlighting the dangers posed by the misuse of AI. Companies are urged to strengthen their management practices, with warnings that violations will result in legal consequences.

Citi's Chief Analytics Technology and Innovation Officer explores the impact of generative AI on the bank. Citi leverages generative AI to assist customer service, automate tasks, and enhance internal search processes. The bank is cautious about the risks posed by external chatbots and has not yet launched them, emphasizing a careful approach. Generative AI is driving internal transformation at Citi, ensuring responsible execution.

United Nations Secretary-General Antonio Guterres urged political and business leaders on Wednesday at the World Economic Forum in Davos, Switzerland, to prioritize a global strategy to address the dual crises of artificial intelligence and climate change. Guterres warned that the rapid advancement of AI could lead to 'severe unintended consequences.' The International Monetary Fund cautioned that the rise of AI could impact nearly 40% of jobs worldwide and may, in many cases, exacerbate overall inequality.

Silobreaker has launched an AI Threat Intelligence Assistant to help organizations respond to risks quickly. This tool is integrated into the Silobreaker intelligence platform, providing accurate and reliable insights. Silobreaker AI enhances threat intelligence capabilities and simplifies the processing of open-source intelligence data. By using Silobreaker AI, organizations can better assess and mitigate risks.

Generative AI has been identified as a key focus for corporate risk managers in Q2 2023. The report highlights that generative AI may introduce risks related to intellectual property, data privacy, and cybersecurity. The impact of worsening economic conditions on third-party viability is also emphasized.