If used correctly, AI technologies have the potential to help us achieve social goals for the greater good of our communities. For example, AI can be used to benefit health and safety by replacing human workers in dangerous jobs, such as in some offshore roles. It can predict weather conditions and provide early warnings of storms. Advanced AI analytical capabilities can accelerate progress in developing new medical treatments, improve food production to help reduce hunger, or find solutions to environmental and climate challenges.
AI is clearly one of the most transformative technologies the world has ever seen with seemingly endless opportunities to implement its technological solutions. It is estimated that around 60% of businesses now use some type of AI. Yet while companies clearly recognize its many benefits, such as saving time by automating processes, generating data-driven business insights for decision-making, and reducing human error in processing, many s are also concerned about the use of these technologies and their impact.
At Dentons, we conducted a survey of global business leaders about their organizations’ use of AI and its perceived risks and opportunities. Our results showed that the majority of companies are still in the early stages of their AI journey. They recognize the potential benefits of AI, but have yet to fully realize its uses in their businesses. They dip their toe in the water a lot before diving.
The results of our investigation were insightful. Respondents were clear about the benefits of AI – including those listed above – but they also shared their concerns.
From the survey, we found that 81% of respondents cite personal data protection as an important concern, but only 55% of companies actually have data protection policies in place for personal and non-personal data. personal. In addition, just under 20% of companies had an AI strategy or roadmap, meaning it is implemented without due consideration of risks, relevant legislation or internal controls necessary to guarantee its good governance.
Some 80% of business leaders said they were uncertain about the responsibility for decisions as well as omissions of AI systems and 57% were concerned about the potential for discrimination arising from the actions of AI systems .
Depending on the area of law, between 55% and 75% do not know the relevant legislation in their country, and 63% do not know which public body regulates the area.
We found that companies are urgently looking to regulators to provide safeguards on the use of AI in relation to privacy (61%), consumer protection (52%), liability criminal (46%) and intellectual property (45%). ).
We are seeing more and more business leaders asking serious questions about accountability for good governance, regulation and compliance. So, on the back of our investigation, we call for a system of “algorithmics” to be put in place so that the right checks and balances can be put in place. We believe that moral considerations should be integral to the development and use of AI technologies, balancing business goals with a focus on people.
To help companies achieve this balance, our guide to artificial intelligence provides insight from our lawyers on the legal and regulatory issues companies using AI need to address. And because AI is a critical issue for all organizations, we’ve created a hub on our website to help customers understand governance, regulatory, and compliance requirements.
The use of AI as a critical business tool will only increase exponentially, but companies need to do more to ensure they understand their AI responsibilities before looking to take full advantage part of its advantages.
Alison Bryce is a partner in the Intellectual Property and Technology team at Dentons