Artificial intelligence, T-shaped teams, and risk management post COVID-19 and beyond

Abstract

We explores the opportunity to apply Artificial Intelligence (AI) and T-Shaped Teams in risk management post the COVID-19 crisis and beyond. First, the study describes the three stages of AI adoption and the interest in AI before and during the COVID-19 pandemic. Second, the importance of AI in risk management is assessed based on the analysis of the performance of AI-implemented firms. Third, the roles of workforce, especially T-Shaped teams, in adopting AI at the firm level are highlighted. The new Technology, Innovation, and In-practice functions of the T-shaped teams are discussed with the opportunities and challenges when building a T-shaped team and adopting AI in enterprises. Next, a guide on building T-shaped Teams for risk management using AI is developed with the flexibility to implement in a wide range of corporates. The study concludes with future direction on risk management strategies to respond to new risks and make better business decisions to address shocks in the economy.