The rise of artificial intelligence (AI) is all around us, and the risks associated with it are continuing to grow. While many are focused on the advancements that AI can provide, it is prudent to also consider the risks that it poses. CEOs and board leaders must oversee a risk management plan related to AI, particularly in the healthcare industry. Read on to learn more about the major risks to consider.
What is Risk Management?
Before any risk management programmes can begin, it is essential to understand what risk management is. Risk management in healthcare refers to the systematic identification, assessment, and mitigation of potential threats to patient safety, data security, and organizational operations.
In the healthcare industry, effective risk management is crucial, given the direct impact on human lives and well-being. The board plays a pivotal role in this process by establishing risk tolerance levels, ensuring proper governance frameworks, and overseeing the implementation of risk mitigation strategies. Artificial intelligence introduces additional complexity to risk management due to its autonomous nature, potential for bias, and the vast amounts of sensitive data it processes.
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AI Risks in Healthcare
While there are numerous AI risks in healthcare, some of the top ones to consider and plan for include the following.
1. Data Privacy and Security Risks
The healthcare industry handles some of the most sensitive data on the planet, making healthcare institutions an attractive target for cybercriminals. Given this, one of the first aspects to consider as part of the risk management plan is how record security will be maintained even while using AI. organisations must implement advanced encryption, access controls, and regular security audits to safeguard patient information.
2. Bias and Discrimination
AI systems can perpetuate existing healthcare disparities if trained on biased data sets. This can lead to discriminatory outcomes in diagnosis, treatment recommendations, and resource allocation.
To help avoid bias when utilizing AI, boards should require diverse representation in AI development teams, mandate regular bias audits of AI systems, and establish ethics committees to oversee AI implementations.
3. Lack of Transparency
There is a lack of transparency with AI products, and it contributes to a decline in trust across the board. Boards can address this issue by advocating for explainable AI solutions, which prioritise transparency and accountability. They should also require vendors to provide thorough documentation and ensure internal teams are trained to interpret and validate AI outputs, fostering trust and informed decision-making.
4. Regulatory and Compliance Challenges
The regulatory landscape for AI in healthcare is evolving. Boards must stay informed about emerging regulations and ensure the organisation’s AI systems meet current standards. By fostering collaboration with legal and compliance teams, boards can help implement robust policies and procedures to monitor regulatory changes, mitigate risks, and build a culture of compliance.
5. Operational Risks
Artificial intelligence programmes are great when they work properly, but no program is flawless. There is a risk that an AI program that has not been properly configured could result in damage to your operations.
For example, improper implementation of AI can disrupt workflows or lead to errors in care delivery. Boards should support comprehensive testing and training programmes to integrate AI solutions smoothly into operations.
6. Cost Overruns and ROI Issues
AI systems can be costly to develop and maintain, and they don’t always deliver expected returns. Organisations should scrutinise budgets, assess ROI, and ensure AI investments align with strategic priorities.
OnBoard Powers Effective Healthcare Organisations
As boards are developing AI risk management strategies, it’s important to have tools that streamline governance, communication, and policy creation. OnBoard offers powerful features designed for healthcare providers, and the unique needs of the industry.
Our software powers 16,000 healthcare users, helping efficiently facilitate 400+ meetings per day. And when it comes to our Intelligent Assistant, we offer controlled knowledge access and never collect your data. This allows you to elevate efficiency with confidence.
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About The Author
- Darren McCullagh
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