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Artificial Intelligence and Human Judgment – GRI Summit 2023

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This session focused on how Artificial Intelligence represents a powerful set of dilemmas for decision-makers. AI is an economic decision-maker’s dilemma (investments, productivity, workplace transformation); a systems design dilemma (new vs. old, use cases); and a policy decision-maker’s dilemma (regulation, ethics, safety, transparency, innovation) More broadly, how will AI challenge human judgment in all of these realms?

Long Run Institute Chair Dr. Laurence Mussio led the session by presenting AI through the lens of past technological transformations and offering insights on its likely trajectory as a general purpose technology. Bojan Pavlovič of BMO offered an insider’s view about the practical challenges of integrating legacy banking systems with emerging AI technologies, stressing the importance of linking AI deployment with use cases.

Andres Rojas of the Vector Institute highlighted implementation challenges like access to data and computing power, and lack of organizational appetite for reputational and regulatory risk in a field lacking clear oversight and rules. Dr. James Marrone of the RAND Corporation, an expert on information systems, systemic risk and social media’s interaction with AI, focused on the potential of AI to exacerbate financial scams and phishing attacks, increase reputational risk and promote market volatility.

The panelists all agreed that large financial institutions have every reason to proceed with caution as they assess the economic and business opportunities and risks conferred by this powerful new technology.

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