The UK FCA published an article titled "Artificial Intelligence (AI) in the Boardroom" which reflects on the increasing requirement for Boards and senior leaders to form strategic decisions around key issues emerging from AI, including questions of ethics, explainability, transparency and liability.
For me, the biggest challenges for Boards will be:
1. Accountability - we can't necessarily explain the decisions made by AI systems which, coupled with their increasing autonomy, makes accountability problematic. Oversight and transparency will be integral to overcome this.
2. Data - data is pivotal to both training AI algorithms and to creating effective outputs from AI solutions. With heightened regulation around data this will become an important area to manage when dealing with AI. Even the ICO has recently acknowledged that AI will require trade offs between different data protection principles and that will require careful consideration and must be properly documented.
The potential risks and unintended consequences surrounding the use of AI requires effective risk management at a senior level. However this shouldn't just be seen as a risk exercise but as fundamental to ensuring the successful adoption of AI solutions.
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The introduction of AI is not just a matter for IT departments. In fact, perhaps we should not regard it as principally a technology issue at all, but rather as a business issue.