Governing the Embrace of AI Benefits and Risks within Your Business
Update: 2023-12-21
Description
Key Takeaways:
Establishing a “safe” environment for AI isn’t just a protective stance, it is itself a strategy that accelerates innovation, builds trust, and ensures long-term success.
In making the decisions to address entity- readiness to greenlight AI initiatives, boards’ due diligence includes:
- understanding how competitors, customers, employees as well as supply chains are using or would like to use/leverage AI;
- establishing a robust management risk management and oversight governance framework that provide appropriate mechanisms to protect proprietary data; and
- ensuring internal organizational parameters of AI use consider ethics, explainability, data reliance/privacy/security, talent/expertise, and strategic fit; and
- applying standardization for consistent and ethical development and deployment.
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