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CII releases guidebook on adoption, governance of AI for board leaders
Industry body CII has released a 'guidebook on effective adoption and governance of AI for board leaders', amid the rising use of Artificial Intelligence in businesses and the essential role of board engagement in supporting effective and meaningful AI governance.
AI requires careful governance to fully harness its potential while mitigating the risks and challenges it presents, CII said in a release, adding that the guidebook aims to serve as an effective tool for the board of directors to navigate the intricate landscape of AI governance and drive better business outcomes.
It encompasses basic concepts related to AI, its use in various business functions, criticality of AI governance and its framework, risks and challenges and its governance and liabilities of directors associated with deployment of AI in businesses.
It outlines the essential role of board engagement in supporting effective and meaningful AI governance, and underlines the importance of aligning strategies with corporate objectives, recognising associated risks, and establishing accountability and transparency in deployments.
"This balanced approach is crucial for sustainable, ethical AI adoption in business contexts. It aims to serve as a valuable tool for Boards as it suggests effective and practically feasible steps for creating a structured framework for governance and responsible use of AI in businesses," CII said.
The guidebook underlines that as AI continues to transform industries and business environments, board members play a crucial role in steering organisations towards responsible and ethical AI adoption.
"It emphasises on criticality of establishing and upholding clear and enduring values for maintaining accountability in use of AI within business operations. It focusses on adoption of values such as integrity, responsibility, security, fairness, accountability, transparency, which can serve as a moral compass, guiding the decision-making processes and ensuring that the use of AI aligns with organisation's ethical standards, legal obligations, and the broader interests of all stakeholders," CII said.
The document delves into the multifaceted benefits of AI governance, including cost reduction, enhanced efficiency, and building trust with stakeholders.
At the same time, it underscores the importance of ethical guidelines, risk management protocols, and regular audits to minimise potential risks and to ensure responsible use of AI. It also highlights the importance of promoting interdisciplinary collaboration between AI experts, legal advisors, and business leaders.
"The Guidebook is set against the backdrop of Artificial Intelligence (AI) which offers tremendous potential for innovation in business, products, services, and processes; but at the same time it is also an emerging risk that requires in-depth expertise and active discussion as part of board agenda," CII said, adding companies need to implement processes to identify and mitigate biases and risks associated with use of AI in various aspects of business.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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