Adopting robust AI governance frameworks is essential to ensure accountability and manage potential risks associated with artificial intelligence, according to the Confederation of Indian Industry (CII).
In its latest guidebook on AI adoption, released recently, CII emphasised that responsible AI use not only mitigates adverse impacts but also builds trust among stakeholders.
AI governance refers to the framework, policies, practices, and standards that guide the ethical, responsible, and accountable use of artificial intelligence (AI) within organisations.
The guidebook adds that the goal of AI governance is to ensure that AI is ethical, transparent, safe, reliable, responsible, fair, and compliant with legal and regulatory standards.
AI governance also involves managing the risks, quality, and accountability of AI systems and their outcomes. With the increasing integration of AI into various aspects of business, AI Governance has become a critical business imperative to minimise the potential harms, risks and misuse of AI (such as privacy breach, bias, security threat) while ensuring that the organisation reaps maximum benefits of AI, the Industry body added.
CII further added that the companies need to implement processes to identify and mitigate biases and risks associated with the use of AI in various aspects of business.
AI requires careful governance to fully leverage its capabilities while mitigating the risks and challenges it presents, 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.
“Through thoughtful governance, executive Boards can guide their organisations in harnessing benefits of AI while safeguarding stakeholder trust and maintaining compliance with emerging regulations,” the CII added in the guidebook.
It emphasizes on criticality of establishing and upholding clear and enduring values for maintaining accountability in use of AI within business operations.
“By addressing both the opportunities and risks, Boards can navigate the complex AI landscape, ensuring sustainable, responsible, and value-driven innovation,” it added.
Furthermore, it highlights the importance of promoting interdisciplinary collaboration between AI experts, legal advisors, and business leaders.
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