The growing use of AI across commercial and social domains has stirred a debate about bias and fairness. AI technologies are a key enabler to augmenting human potential yet they also pose significant risk through unethical use and discriminatory effects.
Here are a few thoughts on why companies need to look specifically at AI governance processes in the current environment:
- AI can be a competitive differentiator across all domains (although it is not a magic wand!)
- The significant economic effects of AI is leading to greater adoption of AI solutions (whether as part of a collaborative partnership or procured from a vendor) across the business value chain with multiple use cases, and increasing complexity of AI technologies and methods used
- AI is different to existing types of software and can lead to non-traditional software problems e.g., bias, discrimination etc and it can have ethical and social effects that must be considered
- There is increasing scrutiny by regulators and policymakers into AI systems e.g., proposed EU AI Act
- This will mean organisations will need enhanced AI compliance and controls to meet new requirements and best practice.
There is a high price for the consequences of getting it wrong. Whilst new legislation may feel a long way off, taking steps now to understand your exposure and the risks your AI systems pose will place you in the best position to respond.