The Impact of Generative AI on Risk Careers: A Q&A with Michelle Liposky
The latest innovation in AI continues to transform the day-to-day jobs of risk managers. In which risk areas has generative AI gained traction, and what knowledge and skills do aspiring FRMs and young practitioners seeking jobs in this field need?
A Q&A with Michelle Liposky, Managing Director and Head of Business Risk and Solutions, BMO Wealth Management
While generative AI is viewed by many financial institutions as a highly leverageable business opportunity, finding the right professionals to help them understand the breadth of its associated risks has proved extremely challenging.
Ninety-three percent of companies recognize the hazards tied to generative AI, according to a global survey from risk software company Riskonnect. However, just 9% say they’re prepared to manage these threats and only 17% of risk and compliance leaders have formally trained or briefed their organizations on the risks of using generative AI.
Given this strong gap between need and skill, it would be advantageous of entry-level risk managers to embrace generative AI as a potential professional niche — and not as a tool that may someday render their job redundant, says Michelle Liposky, managing director and head of business risk and solutions at BMO Wealth Management. "Technological advancement has made risk management more important and more dynamic than ever before," she says. “I urge young financial risk managers to not be afraid, as I believe human and machine collaborations will lead to more opportunities, not fewer.”
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