The rapid adoption of Artificial Intelligence (AI) by companies worldwide is raising concerns about the lack of effective governance in managing AI systems. A global study conducted by IBM involving 3,000 CEOs across various industries highlighted the importance of AI governance, especially in India where 71 percent of CEOs believe that trustworthy AI is impossible without proper governance. Without comprehensive governance frameworks in place, there is a risk of ethical issues such as bias and discrimination emerging within AI systems, leading to negative consequences and reinforcing social inequalities.
A notable incident involving Samsung in 2023, where sensitive code data was leaked through an AI-powered tool, emphasized the dangers of unchecked AI deployment and the critical need for strong governance practices. The study also revealed that only 42 percent of Indian CEOs currently have robust AI governance policies in place, indicating a gap in understanding and implementation. Educating and raising awareness about the safe and effective use of AI with appropriate governance could help bridge this gap.
Furthermore, the report highlighted key gaps in AI adoption, emphasizing the importance of people and skills in successful implementation. Indian CEOs recognize the need for a cultural shift to scale AI effectively but face challenges in collaboration and adoption within their organizations. Customer experience, product innovation, and regulatory restrictions were identified as top priorities for companies looking to adopt AI in a responsible manner.
Experts in the industry recommend the implementation of self-regulatory policies to ensure the ethical use of AI as its adoption increases. Establishing strong governance frameworks is crucial for ethical standards, data integrity, and transparency in AI decision-making processes. Critics also suggest leveraging AI algorithms for detecting and preventing biased data, implementing technologies to counter deepfakes, and ensuring critical evaluation of AI decisions to mitigate risks associated with AI misuse.
In conclusion, the growing reliance on AI technology underscores the importance of effective governance to ensure its responsible and ethical use in various industries. Indian CEOs are encouraged to establish clear guidelines on data usage, comply with privacy norms, and create dedicated AI governance teams to drive successful implementation. Strong governance practices not only foster trust and transparency but also enable sustainable innovation in the AI landscape.
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https://www.financialexpress.com/life/technology-ibm-study-reveals-7-out-of-10-indian-ceos-think-trust-in-ai-is-impossible-without-effective-governance-3534178/lite/
