Published in AI Ethics

Boards Must Prepare Now for the AI-Shaped Future

Boards and business leaders need greater AI literacy and oversight to manage risks and ensure responsible AI development as generative AI capabilities advance rapidly.

Summary

  • Generative AI like large language models is presenting tremendous new capabilities but also amplifying risks related to security, bias, compliance issues, and societal impacts.
  • Most boards have risk oversight responsibilities but need more AI expertise as risks grow with advancing AI capabilities.
  • Irresponsible AI deployment can have major consequences so risk mitigation strategies are crucial.
  • Boards have no time to lose in getting AI-savvy since generative AI adoption is happening fast.
  • Five steps boards can take: gain AI literacy, focus more on AI, get professional advice, develop longer-term vision for AI opportunities and risks, position their business to leverage AI responsibly.
  • With greater understanding, focus and guidance, boards can enable their businesses to adopt AI safely, manage risks, and thrive in the AI era.
 
 
 

 

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