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:

  1. AI can be a competitive differentiator across all domains (although it is not a magic wand!)
  2. 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
  3. 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
  4. There is increasing scrutiny by regulators and policymakers into AI systems e.g., proposed EU AI Act
  5. 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.

Sometimes we think of artificial intelligence as a magic wand, as though I'm Hermione Granger.

But the truth is AI can not solve the problems we don't already know the answer to. But it can dramatically change the economics of those solutions.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.