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DSC Weekly 13 June 2023 – Can Boards of Directors’ steer AI business ethics?


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Can Boards of Directors’ steer AI business ethics?

As enterprises implement complex AI capabilities as part of business strategy, corporate boards face an increasingly common moral quandary: Do the business (and of course monetary) benefits of AI outweigh the societal risks?

In his three-part series that continues this week, Bill Schmarzo examines the board’s role in organizations’ responsible and ethical AI deployment. In part one, Bill covered how to mitigate the impacts of AI Confirmation Bias. In part two, he examines how to identify and avoid potential unintended consequences of AI deployment. As Bill notes, it’s vital for boards to stay proactive when it comes to AI ethics and risk avoidance.

Stay tuned for next week, when Bill concludes the series with Part 3. He promises to provide an Unintended Consequences Assessment worksheet plus a checklist that the Board of Directors can leverage when advising senior management on mitigating the impacts of AI confirmation bias.

This advice should help board members who are hesitant about their role in AI risk avoidance. However, the SEC is considering rules requiring companies to disclose their cybersecurity governance capabilities, including the board’s oversight of cyber risk. It’s not a stretch to think AI will be next on the SEC’s list, especially if artificial intelligence use in business proves a risk to investors and consumers. Boards at any company with AI-driven products and services must start considering how to implement efforts to offset the risks presented by artificial intelligence’s many benefits.

The Editors of Data Science Central

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DSC Weekly 13 June 2023 – Can Boards of Directors’ steer AI business ethics?