November 15, 2016Michael Sutherland-Shaw
As new technologies are introduced, its no wonder some governments feel trepidation towards complete digital transformation.
That’s why, according to a new report from the World Economic Forum, to improve human life and address global challenges, actions must be taken so emerging technologies are governed properly.
“This doesn’t just mean managing risks attached to them, but putting in place regulatory environments to allow markets and people to fully leverage the emerging opportunities,” said Margareta Drzeniek Hanouz, Head of Global Competitiveness and Risks and Member of the Executive Committee at the World Economic Forum.
After speaking with nearly 900 experts, the Forum’s Global Risks report compiled a list of 12 emerging technologies that need better governance.
At the top of that list is artificial intelligence (AI) and robotics.
“Rapid advances in AI have revealed current governance and control mechanisms to be at best inadequate to meet accompanying risks. New structures will not only need to meet existing challenges, but also be fast and adaptable enough to keep up with further innovation,” said John Drzik, President, Global Risk and Specialties, Marsh (MMC), USA.
For John Scott, Chief Risk Officer of Commercial Insurance, Zurich Insurance Group, implementing these new technologies requires a collective and more diverse set of skills and expertise.
“It is crucial that regulatory stakeholders understand the technologies as well as the underlying and interconnected risks embedded in each step of technological evolution, from design to implementation,” he said.
Top-12 Emerging technologies in need of better governance:
- Artificial intelligence and robotics
- Energy capture, storage and transmission
- Blockchain and distributed ledger
- Ubiquitous presence of linked sensors
- New computing technologies
- Advanced materials and nanomaterials
- Virtual and augmented realities
- Space technologies
- 3D printing
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