The Global Association of Risk Professionals (GARP) has introduced a new certificate program focusing on the risks linked to the adoption of AI. Developed by a committee comprising top AI experts and senior risk professionals, GARP’s Risk and AI (RAI) Program will provide a historical overview of AI's development and machine learning methods. It will also cover a wide range of topics including AI tools and techniques, associated risks and factors, the principles of responsible and ethical AI, and governance frameworks aimed at ensuring responsible AI deployment within organizations.
Registration for the RAI Program will officially open on August 1, 2024, with exams beginning in November. GARP will host a webcast on Wednesday, July 10, featuring a discussion with RAI advisory committee members on the value of the program. “The integration of AI in business strategy across industries makes it critical for business leaders, risk managers, and other professionals to understand its related risks and ethical considerations”, said Richard Apostolik, GARP’s president and CEO. “It’s essential that organizations create safe, trustworthy AI-driven solutions, and understand their risks, to ensure credibility with customers, regulators, and the public”.
GARP’s introduction of the RAI Program was driven by extensive global research among risk professionals over recent years. This research underscored the growing adoption of AI in financial services and risk management. Despite this trend, fewer than half of the respondents reported that their organizations offer sufficient training and education on AI usage and its associated risks. This gap emphasizes the crucial role that GARP anticipates the RAI Certificate will fulfill.
“With guidance from industry practitioners and academics leading in the field of AI, we developed the RAI curriculum for forward-looking individuals interested in accessing understandable, comprehensive knowledge about AI tools, techniques, and applications,” said William May, GARP’s managing director and global head of certifications and educational programs. “We believe that professionals who complete the program will be well-positioned to help lead their organization into a future that will undoubtedly include AI”.
