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GenAI is an Imperative to Improve the Institutional Framework for Risk Management
Kolomiyets G. M., Melentsova O. V., Moskalenko M. O.

Kolomiyets, Ganna M., Melentsova, Olga V., and Moskalenko, Maryna O. (2024) “GenAI is an Imperative to Improve the Institutional Framework for Risk Management.” Business Inform 5:118–124.
https://doi.org/10.32983/2222-4459-2024-5-118-124

Section: Information Technologies in the Economy

Article is written in Ukrainian
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UDC 330.3

Abstract:
The article analyzes the rapid progress in the artificial intelligence sector as one of the most promising areas of information and communication technologies. There is observed an increase in the use of the generative artificial intelligence (GenAI) system in various business areas and a significant increase in investment. The authors focus on the need to implement GenAI in Ukrainian business. At the same time, they emphasize the emergence of negative consequences that arise from the development of artificial intelligence (AI), that in particular can be either accidental or malicious. The importance of risk management in the context of the use of GenAI for effective application in business is emphasized. An analysis of scientific publications in the field of artificial intelligence shows an increasing interest in understanding and analyzing the risks of the development and use of AI. The need for continuous monitoring and development of institutional frameworks for effective AI risk management is underlined, including integrating the efforts of all stakeholders and differentiating efforts at different stages of the development and use of AI. It is noted that the development and use of AI have probable negative consequences, which range from random to deliberately mixed. Sometimes the information generated by AI systems may not be accurate, and sometimes it is biased in nature based on gender, race, and other stereotypes and can be used to facilitate unethical or criminal activities. Some of the inherent risks of AI have already been explored, while others remain unknown. This situation necessitates systematic monitoring of the possible implications of AI development and adoption, as well as the development of appropriate institutional frameworks to assess progress in this area.

Keywords: artificial intelligence (AI), generative models, risk management, institutional frameworks.

Fig.: 8. Bibl.: 12.

Kolomiyets Ganna M. – Doctor of Sciences (Economics), Professor, Professor, Department of Economic Theory and Economic Methods of Management, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]
Melentsova Olga V. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Economic Theory and Economic Methods of Management, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]
Moskalenko Maryna O. – Postgraduate Student, Department of Economic Theory and Economic Management Methods, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)

List of references in article

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