More Responsible AI Practices
Whether you like it or not, artificial intelligence (AI) has permeated almost every aspect of daily life, ranging from manufacturing to health.
Combating a piecemeal approach to AI’s development and integration – which is exposing organizations to potential risks – requires organizations to embed end-to-end understanding, development and integration of responsible AI practices, according to a new toolkit published by PwC at the 13th Annual Meeting of New Champions of the World Economic Forum (WEF) in Dalian.
At the news briefing, Anand Rao, Global AI Leader of PwC US, said, “The issue of ethics and responsibility in AI are clearly of concern to the majority of business leaders. Industrial leaders need to actively drive and engage in the end-to-end integration of a responsible and ethically led strategy for the development of AI in order to balance the economic potential gains with the once-in-a-generation transformation it can make on business and society. One without the other represents fundamental reputational, operational and financial risks.”
The dimensions focus on embedding strategic planning and governance in AI’s development, combating growing public concern about fairness, trust and accountability.
Earlier this year, 85 percent of CEOs said AI would significantly change the way they do business in the next five years, and 84 percent admitted that AI-based decisions need to be explainable in order to be trusted, according to a PwC report.
“AI brings opportunity but also inherent challenges around trust and accountability. To realise AI’s productivity prize, success requires integrated organizational and workforce strategies and planning. There is a clear need for people to review the current and future AI practices within their organization, asking questions to not just tackle potential risks, but also to identify whether adequate strategy, controls and processes are in place,” remarked Rao.
“The foundation for responsible AI is end-to-end enterprise governance,” added Wilson Chow, Global Technology, Media and Telecommunications Leader of PwC China. “The ability of organizations to answer questions on accountability, alignment and controls will be a defining factor to achieve China’s ambitious AI growth strategy.”