Nearly half (48.5%) of C-suite and other executives at organizations that use artificial intelligence (AI) expect to increase AI use for risk management and compliance efforts in the year ahead, according to a recent Deloitte poll. Yet, only 21.1% of respondents report that their organizations have an ethical framework in place for AI use within risk management and compliance programs.
“As many organizations are still learning how best to adopt and leverage AI capabilities, it’s not surprising that ethical frameworks are often missing from the ‘trustworthy AI’ equation,” said Irfan Saif, Deloitte Risk & Financial Advisory principal and Deloitte AI leader, Deloitte & Touche LLP. “To better scale AI governance over time and to better reduce algorithm bias, leading organizations are approaching AI ethics proactively by embedding ethical frameworks into all AI efforts as a matter of practice.”
While AI ethics frameworks for risk management and compliance may be few, there is a silver lining: companies are more likely than not to involve top leaders in developing ethical AI practices. More than half of respondents (53.5%) indicated that AI ethics responsibilities are established including the C-suite. Just one-fifth (19%) indicate the C-suite in their organizations have no AI ethics responsibilities.
Maureen Mohlenkamp, a Deloitte Risk & Financial Advisory principal specializing in ethics and compliance services, Deloitte & Touche LLP, added, “C-suite and board executives need to ask questions early and often about ethical use of technology and data—inclusive of and beyond AI—to mitigate unintended and unethical consequences. As data and technology uses evolve, tying efforts directly to organizational mission statements and corporate conduct policies can help organizations ensure that future advancements start with a strong ethical foundation. Further, a board-level data committee should be established to discuss enterprise-wide AI use, monitoring and modeling with appropriate C-suite leaders.”
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