The Transformation Risk-Benefit Model of Artificial Intelligence: Balancing Risks and Benefits Through Practical Solutions and Use Cases

TL;DR

This paper introduces a new framework called the Transformation Risk-Benefit Model of AI, aiming to balance AI risks and benefits through practical solutions and real-world use cases in healthcare, climate, and cybersecurity.

Contribution

It proposes an innovative AI risk-benefit framework that synthesizes existing models and applies them to practical scenarios to address AI-related fears and challenges.

Findings

The model effectively balances risks and benefits in AI applications.

Practical solutions demonstrate improved risk management.

Use cases highlight the model's applicability across sectors.

Abstract

This paper summarizes the most cogent advantages and risks associated with Artificial Intelligence from an in-depth review of the literature. Then the authors synthesize the salient risk-related models currently being used in AI, technology and business-related scenarios. Next, in view of an updated context of AI along with theories and models reviewed and expanded constructs, the writers propose a new framework called "The Transformation Risk-Benefit Model of Artificial Intelligence" to address the increasing fears and levels of AI risk. Using the model characteristics, the article emphasizes practical and innovative solutions where benefits outweigh risks and three use cases in healthcare, climate change/environment and cyber security to illustrate unique interplay of principles, dimensions and processes of this powerful AI transformational model.