Harness the Opportunities Offered by AI while Ensuring Effective Controls and Governance
According to a recent survey by McKinsey, AI can improve business efficiency by up to 40% and reduce operational costs by up to 30%. However, firms have to be careful in their deployment of AI. For instance, the new EU AI Act can now lead to fines of 7% of a company’s global turnover if they are found to be misusing AI or not managing it correctly.
Aside from technology firms and financial services firms, there has so far been relatively little progress with utilising and managing AI within the corporate world. Corporates are starting to develop tangible use cases for AI but it is important that they are able to meet the governance challenges posed by these tools. There is a regulatory and legislative impetus to do this as governments around the world have been focused on instituting effective guidelines to foster the responsible use of AI. This most notably includes the EU legislation as well as principle based requirements in the UK.
As a result, it is imperative that corporates establish internal structures and guidance which can ensure that they are able to develop and maintain well-governed AI tools and programmes. External solutions and guidance can help to kickstart this process and ensure that firms can gain a competitive advantage in this space. This panel discussion will therefore establish the challenges faced by companies in developing and managing AI, while offering a potential roadmap as to how this can be done in a way which exploits AI effectively while maintaining robust governance.
Learning Objectives:
- Assess the challenges corporates face in developing, utilising, and governing AI
- Determine the impact of existing and upcoming regulatory guidelines and how that can be managed
- Implement an effective governance structure to manage the responsible usage of AI
- Integrate this structure into a company-wide AI strategy which can deliver compliance and efficiency
Speakers:
- Henri Kujala, Global Head of Privacy by Design at Vodafone
- Lyakath Mohammed, Director of Intelligent Analytics & AIT at Ericsson
- Andy Paw, Associate Director at Protiviti
- Henry Umney (Moderator), Managing Director GRC Strategy at Mitratech
